Company: OWLS
Filing Date: 2025-09-24
Form Type: F-1/A
Source: 0001193125-25-213968
Chunk: 63

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-09-24
Form: F-1/A
Chunk 63
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 and provide for certain exclusion or exemption for the digital commodities from being treated or regulated as a “security.” Under the CLARITY Act, the CFTC will have primary regulatory oversight authority over spot digital commodities. The CLARITY Act has not yet been passed and signed into law, and will require further rules to be promulgated to implement. Regulators have initiated enforcement actions focused on certain stablecoins and their issuers, such as Tether, alleging false and misleading statements by its issuer regarding the assets backing Tether. Regulators have also initiated enforcement actions against BUSD and UST, alleging that such stablecoins are “securities” under the federal securities laws. The SEC also sent a subpoena to the financial technology company PayPal relating to the PayPal USD stablecoin that requested the production of documents. The SEC has since then dropped the probes into BUSD and PayPal USD stablecoin. The regulatory and legislative landscape has further developed; on April 4, 2025, the SEC published a Statement on Stablecoins stating its view that the offer and sale of certain dollar-backed stablecoins, in the manner and under the circumstances described therein, would not involve an offer and sale of “securities” within the meaning of U.S. securities laws, subject to facts and circumstances analysis. The GENIUS Act and, if passed, the CLARITY Act, also proscribe a regulatory framework that would further reduce uncertainty of the legal status and treatment of “payment stablecoins” or other digital assets in general and clarify in certain instances that such digital assets would not be treated or regulated as “securities.” However, the regulatory framework for stablecoins remain in flux and subject to further promulgation of specific rules and regulatory interpretations in the United States, as well as more generally across the various regimes in which we operate. There could be no assurance that the regulatory regime for stablecoins or digital assets in general would evolve in any direction that is necessarily favorable to our business operations, or that our 43

efforts to comply with the applicable regulatory regimes would not adversely affect our business or financial performance. Neither could there be assurance that the regulators, in the United
States or any other jurisdictions, would not initiate enforcement actions against any particular stablecoin or digital assets which our products and services support or which we purchase, hold or transact in as part of our business operations. Our
stablecoin solutions services do not currently involve, and we do not intend to expand our services in the future to involve, Tether, BUSD, U