Company: OSOL
Filing Date: 2025-10-22
Form Type: S-1
Source: 0001493152-25-018952
Chunk: 101

Company: Osprey Solana Trust
Filing Date: 2025-10-22
Form: S-1
Chunk 101
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 in the increasing regulatory clarity for digital assets by key financial regulators in the United States.

In addition, the SEC, U.S. state securities regulators and several foreign governments have issued warnings and instituted legal proceedings in which they argue that certain digital assets may be classified as securities and that both those digital assets and any related initial coin offerings or other primary and secondary market transactions are subject to securities regulations. For example, in June 2023, the SEC brought charges against Binance and Coinbase, and in November 2023, the SEC brought charges against Kraken, alleging that they operated unregistered securities exchanges, brokerages and clearing agencies. In its complaints, the SEC asserted that several digital assets are securities under the federal securities laws. Although the SEC has since dismissed its actions against such entities and has terminated its investigation or enforcement action into many other digital asset market participants, such regulatory actions have had, and future regulatory actions may have, a material adverse effect on the digital asset industry as a whole and on the price of SOL. Additionally, U.S. state and federal, and foreign regulators and legislatures have taken action against virtual currency businesses or enacted restrictive regimes in response to adverse publicity arising from hacks, consumer harm, or criminal activity stemming from virtual currency activity.

| 58 |

Various foreign jurisdictions have, and may continue to, in the near future, adopt laws, regulations or directives that affect a digital asset network, the Digital Asset Markets, and their users, particularly digital asset trading platforms and service providers that fall within such jurisdictions’ regulatory scope. For example:

| ● | China                                                                                                                               
 has made transacting in cryptocurrencies illegal for Chinese citizens in mainland China, and additional restrictions may follow.    
 China has banned initial coin offerings and there have been reports that Chinese regulators have taken action to shut down a number 
 of China-based digital asset trading platforms.                                                                                     |

| ● | South                                                                                                                               
 Korea determined to amend its Financial Information Act in March 2020 to require virtual asset service providers to register and    
 comply with its AML and counter-terrorism funding framework. These measures also provide the government with the authority to close 
 digital asset trading platforms that do not comply with specified processes. South Korea has also banned initial coin offerings.    |

| ● | The                                                                                                                                  
 Reserve Bank of India in April 2018 banned the entities it regulates from providing services to any individuals or business entities 
 dealing with or settling digital assets. In March 2020, this ban was overturned in the Indian Supreme Court, although the Reserve    
 Bank of India is