Company: TLGYF
Filing Date: 2025-09-23
Form Type: 425
Source: 0001213900-25-090310
Chunk: 12

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-23
Form: 425
Chunk 12
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, you know, not necessarily pessimistic about it, but, um, maybe a little bit
less optimistic in terms of what it means in, in the near term.

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Um, and that's obviously especially important as time continues to tick
away, um, before, you know, until the end of this administration. So, you know, kind of on a, kind of, on a time clock here and need to
basically need to get these things in a workable place before the time, before time runs out.

Interviewer:You think tax issues need to be included in market
structure or you just think they need to be ironed out before anything passes?

Zach Rosenberg:I think they should be. I, uh, my understanding
is there's a lot of pushback on, uh, the, on the executive branch side, uh, sorry, the legislative branch side in including those things
because, you know, there's, there's a lot of nuance and complexity. We've tried to get tax, tax stuff incorporated into bills that have
kind of died in the past.

Um, unfortunately there's a lot of horse trading, and we see this with
a even with genius, right? Like there was, there were some, uh, provisions that people wanted ingenious, but kind of, you know. The stuff
that, like I was, you know, we were advocating for in, in certain ways and we were just told like, don't, don't, don't bother with this
because it'll be a poison pill for the whole bill.

Right? And so you start asking for a little bit, and then the other side
starts asking for 10 times more. It gets very, very difficult to get, um, a, a, a comprehensive bill in there. And then it becomes less
of just a market structure bill and more of just like an all encompassing crypto bill. And then you have, you know, a lot of a lot of
Democrats and frankly some Republicans coming back on that saying, well, this isn't what we signed up for. Let's just do this issue. Um,
and then, you know, you have to spend another year dealing with the tax stuff and all the other ancillary issues that, that really need
to be fixed before anything is actually viable.

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