Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 197

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 197
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 the Guiding and Establishing National Innovation for U.S. Stablecoins Act (“ GENIUS Act”), which was signed into law by President Trump on July18, 2025. The GENIUS Act introduces the first federal regulatory framework for payment stablecoins, addressing consumer protection, financial stability, national security and anti -moneylaundering compliance, and establishes prudential requirements for the issuance, reserve backing and supervision of U.S. - dollar-peggedstablecoins. However, it is not yet in effect and certain provisions depend on final implementing regulations, which are to be issued by the primary federal stablecoin regulators. As a result, we may be subject to certain regulatory requirements and restrictions. This may implicate new costs for us and our management may have to devote increased time and attention to regulatory matters or change aspects of our business. Additionally, the regulatory treatment of fiat -backedstablecoins across other jurisdictions remains uncertain. •Increased regulation may also result in limitations on the use cases of digital assets, including ENA Token. In addition, regulatory developments may require us to comply with certain existing and new regulatory regimes, such as if any of our activities cause us to be deemed a “money service business” under the regulations promulgated by the Financial Crimes Enforcement Network of the United States under the authority of the U.S. Bank Secrecy Act, including those that would require us to implement certain anti -moneylaundering programs, submit certain reports to Financial Crimes Enforcement Network of the United States and maintain certain records. •In addition to the stablecoin legislation, the U.S. Congress has continued to take steps towards enacting legislation regarding the digital assets market structure. For instance, on July17, 2025, the U.S. House of Representatives passed the Digital Asset Market Clarity Act (“ CLARITY Act”), which, if ultimately enacted, would allocate jurisdiction between the SEC and CFTC with respect to digital assets and create a market -structureframework for digital commodities. The bill also seeks to resolve regulatory ambiguity regarding the meaning of “security” and “commodity” and is now awaiting Senate action. The U.S. federal banking agencies have revoked prior guidance that restricted the ability of financial institutions to engage in digital asset related activities. On March7, 2025, the Office of the Comptroller of the Currency (“ OCC”) issued a letter rescinding its previous guidance that required national banks and federal savings associations to receive prior written non -objectionbefore engaging in crypto -asset -related