Company: OWLS
Filing Date: 2025-09-03
Form Type: F-1
Source: 0001193125-25-195057
Chunk: 70

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-09-03
Form: F-1
Chunk 70
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 U.S. dollar stablecoin issued by Terra. 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. Our stablecoin solutions services do not currently involve, and we do not intend to expand our services in the future to involve, BUSD, UST or PayPalUSD. In addition, the SEC has previously brought enforcement actions
against certain participants in the digital assets economy, in which the SEC has asserted that digital assets including SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, COTI, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO, are securities under the
federal securities laws. In first half 2025, the SEC dismissed its enforcement actions against certain digital assets economy participants, including Coinbase and Kraken, the enforcement actions against whom were based on alleged failures to
register as broker-dealers, exchanges and clearing agencies, which in part hinged upon the security status of various digital assets. There can be no guarantee that the SEC will not bring similar claims involving these or other digital assets in the
future. However, these dismissals by the SEC expressed, according to the SEC releases, the intent to rectify its approach and develop crypto policy in a more transparent manner. Our current operations involve, on our own account and as a part of our
services to handle gas fees payments for the business customers, holding and transacting MATIC and SOL, and may further expand to other digital assets.The SEC could also allege other digital assets as securities, including digital
assets that are currently being held or transacted by us or otherwise involved in our business operations.

Determination of the
“security” status for any given digital asset, product, or service has historically been based on highly complex, fact-driven analysis and is difficult to predict. While the legislative and regulatory efforts under the GENIUS Act and
CLARITY Act are expected to introduce further certainty, there can be no assurance that the determining the legal status of a digital assets would become less challenging, or that our legal determination of “security” status, including
any conclusions we may draw based on our risk-based assessment regarding the likelihood that a particular digital asset, product or service could be deemed a “security” or “securities offering” under applicable laws, would be
the