Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 52

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 52
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 nor SEC’s
views as to the status of other crypto assets under the federal securities laws or the current state of non-compliance of certain crypto
asset market participants with the federal securities laws.

On April 20, 2021, the
U. S. House of Representatives passed a bipartisan bill titled “ Eliminate Barriers to Innovation Act of 2021”
(H. R. 1602). If passed by the Senate and enacted into law, the bipartisan bill would create a digital assets working group to evaluate
the current legal and regulatory framework around digital assets in the United States and define when the SEC may have jurisdiction
over a particular token or digital asset (i. e., when it is a security) and when the CFTC may have jurisdiction (i. e., when it is a commodity).
Furthermore, it is uncertain whether cloud-mining operations will be deemed as a form of “securities” under the securities
laws of the United States or other jurisdictions where we have operations.

If regulatory changes or interpretations
require the regulation of digital assets and cloud-mining operations under the securities laws of the United States or elsewhere,
including the Securities Act, the Exchange Act and the Investment Company Act or similar laws of other jurisdictions and interpretations
by the SEC, the CFTC, the IRS, Department of Treasury or other agencies or authorities, we may be required to register and comply with
such regulations, including at a state or local level. To the extent that we decide to continue operations, the required registrations
and regulatory compliance steps may result in extraordinary expense or burdens to us. We may also decide to cease certain operations and
change our business model. For example, while we do not anticipate engaging in digital asset-denominated loan transactions, we would
be required to assess the application of, and comply with, federal securities laws in connection with those or similar transactions. Any
disruption of our operations in response to the changed regulatory circumstances may be at a time that is disadvantageous.

The SEC and its staff have
taken the position that certain digital assets fall within the definition of a “security” under the U. S. federal securities
laws. The legal test for determining whether any given digital asset is a security is a highly complex, fact-driven analysis that
evolves over time, and the outcome is difficult to predict. The SEC generally does not provide advance guidance or confirmation on the
status of any particular digital asset as a security. Additionally, the SEC’s views in this area have evolved over time