Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 58

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 58
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 Inc., Rel. No. 33-10575 (Nov. 16, 2018) and Paragon Coin, Inc., Rel. No. 33-10574 (Nov. 16, 2018),
respectively), (ii) Crypto Asset Management, LP for failing to register a hedge fund formed for the purpose of investing in digital
assets as an investment company (see Crypto Asset Management, LP and Timothy Enneking, Rel. No. 33-10544 (Sept. 11, 2018)),
(iii) TokenLot LLC for failing to register as a broker-dealer, even though it did not meet the definition of an exchange (see Tokenlot
LLC, Lenny Kugel, and EliL. Lewitt, Rel. No. 33-10543 (Sept. 11, 2018)), and (iv) EtherDelta’s founder
for failing either to register as a national securities exchange or to operate pursuant to an exemption from registration as an exchange
after creating a platform that clearly fell within the definition of an exchange (see Zachary Coburn, Rel. No. 34- 84553 (Nov. 8,
2018)).

On June 4, 2019, the
SEC filed a complaint in the U. S. District Court for the Southern District of New York against Kik Interactive, Inc. with respect
to its September 2017 offering of Kin. According to articles published by various news outlets, the SEC has allegedly issued numerous
subpoenas and information requests to technology companies, advisors and individuals involved in the digital asset space and ICOs, as
part of a broad inquiry into the digital asset market.

A number of proposed ICOs
have sought to rely on Regulation A and have filed with the SEC a Form 1-A covering a distribution of a digital token.
Two such offerings were qualified in July 2019. In addition, some token offerings have been commenced as private securities offerings
intended to be exempt from SEC registration. The SEC has taken various actions against persons or entities that have allegedly misused
digital assets, engaged in fraudulent schemes (i. e., Ponzi scheme) and/or engaged in the sale of tokens that were deemed securities by
the SEC.

Although our activities are
not focused on raising capital or assisting others that do so, the federal securities laws are very broad. We cannot provide assurance
as to whether the SEC will continue or increase its enforcement with respect to