Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 118

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 4
Chunk 118
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 “securities”
subject to regulation by the SEC. In addition, the state of New York passed a two-year moratorium in 2022, which restricts issuance
of new permits for proof-of-work mining operations that are powered by an electric generating facility utilizing carbon-based fuel.

Starting from 2025, following
the recent U. S. presidential election, the new administration has indicated a change in federal policy for digital asset development,
focusing on promoting U. S. leadership in digital assets and financial technology while protecting economic liberty. For example, in January
2025, U. S. President Donald Trump issued an executive order forming a presidential working group to establish a clear regulatory framework
for digital assets, and leaders in both houses of the U. S. Congress have announced a bicameral working group with the objective of passing
legislation to provide regulatory clarity for the industry. Committees in both houses of the U. S. Congress have held hearings to ensure
fair access to financial services, including for companies operating in the digital asset space. Additionally, in the same month, the
SEC announced the formation of the Crypto Task Force, which is dedicated to helping develop a comprehensive and clear regulatory framework
for crypto assets. In March 2025, President Trump signed another executive order to establish a Strategic Bitcoin Reserve and a U. S. Digital
Asset Stockpile, positioning the United States as a leader among nations in government digital asset strategy.

We have placed Bitcoin miners
in third-party hosting facilities in several states in the United States, including Montana, Texas, Arkansas, among others. We are
not aware of any state specific regulations applicable to digital assets that affect our operations in the United States. Currently, we
do not believe any U. S. or State regulatory body has taken any action or position adverse to our main digital asset, Bitcoin, with
respect to our production, sale, and use as a medium of exchange. As the regulatory and legal environment evolves, we may become subject
to new laws, such as further regulation by the SEC and other agencies, which may affect our mining and other activities.

The effect of any regulatory
change, either by the Federal, state, local or foreign governments or any self-regulatory agencies on our operations is impossible
to predict, but such change could be substantial and may have a material adverse effect on our business, financial condition and results
of operations. While we are unaware of significant adverse governmental or regulatory action adverse to Bitcoin or Ethereum mining in
the United