Internet reports that the U.S. Securities and Exchange Commission (SEC) questioned two proposed ETFs related to Ethereum and Solana a day after stating that most crypto pledges are outside the scope of securities laws. On Friday, the SEC warned that two proposed ETFs linked to Ethereum and Solana may not meet the legal definition of an investment company, raising concerns about their registration and potential listing qualifications. In a letter to legal counsel to the ETF Opportunities Trust, the SEC said staff still have unresolved questions about whether the REX-Osprey ETH and SOL ETFs (including pledged components) invest primarily in securities as required by the Investment Company Act of 1940. ETF Opportunities Trust is a Delawa-based open-end investment company that serves as a legal vehicle for initiating multiple exchange-traded funds, including funds managed by REX. Under U.S. law, a fund is considered an investment company if it is primarily engaged in investing or trading securities, or if more than 40% of its total assets are investment securities.