According to @EricBalchunas, the SEC sent a letter to REX expressing concerns that the company may have improperly filed its application. REX's legal team remains confident a resolution is possible, echoing the situation previously seen with $PRIV. Issuers are aggressively pushing regulatory boundaries in a bid to launch the first crypto ETF, which could significantly impact market sentiment and trading volumes as regulatory clarity emerges (source: @EricBalchunas, @isabelletanlee, Twitter, May 31, 2025).