Li Yang, Chairman of the National Financial and Development Laboratory: Facing the wave of stablecoins, China needs to advance on two tracks

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Highlights: REX and Osprey gain SEC clearance for five crypto ETFs, trading expected Friday. Dogecoin ETF may debut Thursday, while XRP fund predicted to attract huge inflows. SEC delays other crypto ETF applications, showing caution toward newer experimental products. Asset managers REX and Osprey have received clearance from the United States Securities and Exchange Commission (SEC) after completing their 75-day review period for their latest cryptocurrency exchange-traded funds (ETFs). Bloomberg Intelligence analyst Eric Balchunas noted that these funds are expected to start trading by Friday. The ETFs will track Bonk, Trump, Bitcoin, XRP, and Dogecoin, and will be offered under the joint REX-Osprey brand. Meme coin ETF era about to kick off it looks like with $DOJE slated for a Thursday launch, albeit under the 40 Act a la $SSK. There's a big group of '33 Act-ers waiting for SEC approval still. Pretty sure this is first-ever US ETF to hold something that has no utility on purpose pic.twitter.com/BIcpu1zR4o — Eric Balchunas (@EricBalchunas) September 9, 2025 Balchunas wrote on X that the Dogecoin fund might start trading as soon as Thursday. He also said the other funds will probably launch before the end of the week. The funds are being set up under the Investment Company Act of 1940, which makes it easier to approve products that hold things like futures contracts. This is different from the Securities Act of 1933, which was used last year for Bitcoin ETFs backed by actual Bitcoin. REX-Osprey Crypto ETFs Get Simplified Approval Under the ’40 Act Balchunas said that under the ’40 Act, the process is easier. If the SEC doesn’t object, the funds launch automatically after 75 days. The launch of Rex-Osprey’s ETFs is another step in bringing digital assets into regulated financial markets. Although these funds don’t hold crypto directly, they give both big institutions and everyday investors an easier way to get involved.  Among the new funds, the XRP ETF is attracting the most attention. Market analyst Dom Kwok predicted it could draw the biggest inflows ever seen in crypto. With more ETF application deadlines coming up in October, experts think billions of dollars could flow into the market if demand is strong. The Dogecoin ETF marks another milestone. It will be the first regulated U.S. product to give investors direct access to Dogecoin. Because of DOGE’s popularity and strong presence in crypto culture, both regular traders and big institutions are expected to take an interest. Other ETF Applications Face Delays While Rex-Osprey’s ETFs are going ahead, other applications are still on hold. The SEC has extended its review of Franklin’s Solana and XRP ETFs to November 14, and pushed back Bitwise’s Dogecoin ETF decision to November 12. BlackRock’s request to include staking in its Ethereum ETF is set for a ruling on October 30. These delays highlight the SEC’s cautious stance on newer or more experimental crypto products, even as it lets others move forward. The SEC is closely reviewing products tied to new or risky digital assets. This careful approach is causing delays. SEC delays decisions on multiple crypto ETFs The U.S. Securities and Exchange Commission (SEC) has once again extended deadlines for several ETF filings, including:– BlackRock iShares Ethereum Trust (staking amendment): pushed to Oct 30– Franklin Ethereum Staking ETF:… pic.twitter.com/AeYpacyP7o — Degen Station (@Deg3nstation) September 11, 2025 The SEC said it needs more time to review products with staking parts. In May, it clarified that proof-of-stake blockchains are not securities, but liquid staking may need safeguards. This is slowing Ethereum and Solana filings, while simpler ’40 Act products move ahead. eToro Platform Best Crypto Exchange Over 90 top cryptos to trade Regulated by top-tier entities User-friendly trading app 30+ million users 9.9 Visit eToro eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.

Canadian digital asset firm Sol Strategies has filed for listing on the Nasdaq Capital Market amid its US market expansion strategy. Key Takeaways: Sol Strategies has filed to list on Nasdaq under the ticker “STKE” as part of its U.S. expansion. The firm holds over 420,000 SOL tokens and is positioning itself as a blockchain-focused investment vehicle. Sol Strategies will follow Canadian governance standards and remain exempt from certain US rules. The company, which currently trades on the Canadian Securities Exchange (CSE), aims to have its common shares listed under the ticker “STKE” on Nasdaq, according to a Form 40-F registration statement filed with the U.S. Securities and Exchange Commission. The listing comes as Sol Strategies reveals it holds over 420,000 SOL tokens, which makes the firm one of the more prominent institutional holders of Solana’s native asset. Source: SEC Sol Strategies Eyes Growth as Digital Asset Investment Vehicle Sol Strategies is positioning itself as a digital asset investment vehicle with a focus on emerging blockchain technologies. In its filing, the company cited expectations of further growth driven by Solana’s growing market share in asset tokenization and the digital asset infrastructure landscape. The company also revealed it has 172.2 million common shares outstanding, along with a range of convertible securities—including over 12 million warrants and 5.3 million stock options. These figures point to a potentially active capitalization table, should investor interest pick up following a successful U.S. listing. Sol Strategies qualifies as a “foreign private issuer” under SEC rules, which exempts it from certain U.S. regulatory requirements, including proxy solicitation rules and Section 16 filings. It intends to continue following Canadian governance practices under the CSE framework, which differ in several ways from U.S. standards. For instance, its board does not require a majority of independent directors, and it does not maintain separate nominating or compensation committees as mandated by Nasdaq for domestic issuers. Despite the listing ambitions, the firm acknowledged a range of risks, including the evolving nature of crypto regulation, potential volatility in digital asset prices, and the uncertainty surrounding classification of certain tokens under securities laws. SOL Strategies Files $1B Shelf Prospectus for Future Growth In May, SOL Strategies filed a preliminary shelf prospectus in Canada on May 27, aiming to raise up to $1 billion . While the company has no immediate fundraising plans, the filing is a strategic move to create financing flexibility as it targets expansion within the Solana ecosystem. Once approved, the shelf will allow SOL Strategies to offer a mix of securities, ranging from common shares to debt instruments, over time without re-filing for each issuance. In April, the company also secured a $500 million convertible note facility from ATW Partners in April. Proceeds will be used to acquire and stake SOL tokens on SOL Strategies’ own validators. The notes are interest-bearing in SOL and performance-linked, aligning the firm’s capital strategy with Solana’s staking economy. In another development, SOL Strategies has signed an MOU with Superstate to explore issuing tokenized company shares on the Solana blockchain. The initiative, still subject to regulatory review, would mark one of the first attempts to move public equity on-chain.