Company: SLMT
Filing Date: 2025-11-18
Form Type: 424B5
Source: 0001213900-25-112135
Chunk: 12

Company: Brera Holdings PLC
Filing Date: 2025-11-18
Form: 424B5
Chunk 12
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and financial institutions in these markets, and our ability to pursue our SOL strategy. Additionally, U.S. state and federal and foreign
regulators and legislatures have taken action against industry participants, including digital assets businesses, and enacted restrictive
regimes in response to adverse publicity arising from hacks, consumer harm, or criminal activity stemming from digital assets activity.
U.S. federal and state energy regulatory authorities are also monitoring the total electricity consumption of cryptocurrency mining, and
the potential impacts of cryptocurrency mining to the supply and dispatch functionality of the wholesale grid and retail distribution
systems. Many state legislative bodies have passed, or are actively considering, legislation to address the impact of cryptocurrency mining
in their respective states.

The Commodities Futures Trading Commission (the
“CFTC”) takes the position that some digital assets fall within the definition of a “commodity” under the Commodities
Exchange Act of 1936, as amended (the “CEA”). Under the CEA, the CFTC has broad enforcement authority to police market manipulation
and fraud in spot digital assets markets in which we may transact. Beyond instances of fraud or manipulation, the CFTC generally does
not oversee cash or spot market exchanges or transactions involving digital asset commodities that do not utilize margin, leverage, or
financing. In addition, CFTC regulations and CFTC oversight and enforcement authority apply with respect to futures, swaps, other derivative
products and certain retail leveraged commodity transactions involving digital asset commodities, including the markets on which these
products trade.

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In addition, because transactions in SOL provide
a degree of anonymity, they are susceptible to misuse for criminal activities, such as money laundering. This misuse, or the perception
of such misuse, could lead to greater regulatory oversight of SOL and SOL platforms, and there is the possibility that law enforcement
agencies could close SOL platforms or other SOL-related infrastructure with little or no notice and prevent users from accessing or retrieving
SOL held via such platforms or infrastructure.

As noted above, activities involving SOL and other
digital assets may fall within the jurisdiction of more than one financial regulator and various courts and such laws and regulations
are rapidly evolving and increasing in scope The laws and regulations applicable to SOL and digital assets are evolving and subject to
interpretation and change.

Governments around the world have reacted differently
to digital assets; certain governments have deemed them illegal, and others have allowed their use and trade without restriction, while
in some