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The German Federal Financial Supervisory Authority, BaFin, has ordered Ethena GmbH to stop all public sales of its stablecoin USDe. This comes after the German financial markets regulator found serious flaws in Ethena GmbH’s USDe approval process. Per the BaFin announcement on March 21, 2025, the public sales of Ethena ( ENA )’s synthetic dollar Ethena USDe violates the European Union’s Markets in Crypto Asset Registration rules. With stablecoin regulation being one of the EU’s major enforcement priorities, a lack of MiCAR compliance has become a key obstacle for stablecoin issuers. “The BaFin also has reasonable grounds to suspect that Ethena GmbH in Germany sells securities in the form of sUSDe tokens from Ethena OpCo. Ltd. without the required prospectus,” the regulator said. BaFin has therefore ordered Ethena to immediately cease any sales to the public. The enforcement measures include a freeze on USDe reserves held by Ethena’s custodian. Additionally, Ethena GmbH is required to shut down its website portal and stop registering new customers. While Ethena GmbH has been prohibited from selling USDe, the order only applies to primary sales. In this case, BaFin’s order does not affect secondary sales. Ethena Labs issued a statement on X following the news. “We were informed today that Ethena GmbH’s application under the MiCAR regulatory framework will not be approved. While we are disappointed by this decision, we will continue to evaluate alternative frameworks.” According to the crypto platform, BaFin’s order doesn’t affect the stablecoin’s listing. The decision will also not affect minting and redemption through Ethena Limited, the company’s entity registered in the British Virgin Islands, which handles the majority of USDe minting. “USDe remains fully backed [and] no assets have been “frozen”” Ethena noted.

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Franklin Templeton Registers Solana Trust in Delaware, Signaling Potential Spot ETF Launch In a significant move within the cryptocurrency investment landscape, asset management giant Franklin Templeton has registered the “Franklin Solana Trust” in Delaware, indicating potential plans to launch a spot Solana exchange-traded fund (ETF) in the United States.  $SOL Details of the Registration The trust was established on February 10 by CSC Delaware Trust Company, a firm known for registering crypto trust products for various asset managers, including Bitwise. This registration is a preliminary step toward the introduction of a spot Solana ETF, which would provide investors with regulated exposure to Solana (SOL), a blockchain platform recognized for its high-throughput capabilities and growing adoption.   Franklin Templeton’s Position in the Market Managing over $1.68 trillion in assets, Franklin Templeton’s interest in launching a Solana ETF underscores the increasing institutional demand for diversified cryptocurrency investment products. The firm’s entry into the Solana ETF race aligns with similar initiatives by other prominent asset managers, reflecting a broader trend of integrating digital assets into traditional investment portfolios.   Next Steps Toward ETF Approval To proceed with the ETF launch, Franklin Templeton must file Form 19b-4 and Form S-1 with the U.S. Securities and Exchange Commission (SEC). These filings are essential for regulatory approval and would outline the operational framework and investment strategy of the proposed Solana ETF. The SEC’s review process will determine the fund’s compliance with regulatory standards and its suitability for public offering.  Implications for Investors The potential introduction of a spot Solana ETF by a reputable firm like Franklin Templeton could provide investors with a more accessible and regulated avenue to gain exposure to Solana’s market performance. This development may also contribute to the maturation of the cryptocurrency market by offering traditional investment vehicles that bridge the gap between digital assets and conventional finance.  As the regulatory process unfolds, market participants will be closely monitoring updates regarding the approval and launch of the Franklin Solana Trust, anticipating its impact on both the investment community and the broader adoption of cryptocurrency-based financial products.  #solanaETF #Seccryptoroundtable $SOL