PANews reported on June 1 that according to Bloomberg, the US SEC questioned the Ethereum and Solana pledge ETFs launched by REX Shares and Osprey Funds, believing that they may not meet the definition of investment companies and ETFs in the Federal Securities Act. The US SEC stated that these funds may have "incorrectly submitted registration statements" and that "disclosures in the registration statements regarding the identities of these funds as investment companies may be misleading." Greg Collett, general counsel of REX Financial, said: "We think we can satisfy the SEC about the investment company's issues, and we don't plan to launch the fund until we do that."