Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 212

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 212
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 also seeks to resolve regulatory ambiguity regarding the meaning of “security” and “commodity” and is now awaiting Senate action. The U.S. federal banking agencies have revoked prior guidance that restricted the ability of financial institutions to engage in digital asset related activities. On March7, 2025, the Office of the Comptroller of the Currency (“ OCC”) issued a letter rescinding its previous guidance that required national banks and federal savings associations to receive prior written non -objectionbefore engaging in crypto -asset -relatedactivities, and reaffirmed these institutions are permitted to provide crypto -assetcustody, hold stablecoin reserves and use distributed ledger and stablecoins to engage in payment activities. On March28, 2025, the Federal Deposit Insurance Corporation (“ FDIC”) issued a letter rescinding a previous letter from 2022 that required prior notification from FDIC -supervisedinstitutions that wanted to engage in crypto -relatedactivities, and confirmed that such institutions may engage in certain permissible digital assets -relatedactivities, if they adequately manage the associated risks (including market and liquidity, operational and cybersecurity and anti -moneylaundering risks). On April24, 2025, the Board of Governors of the Federal Reserve System of the United States (“ Board of Governors of the Federal Reserve”) announced that it had withdrawn previous guidance that required state member banks to provide advance notification and, in certain cases, obtain nonobjections to engage in certain crypto -assetand dollar -tokenactivities. In July 2025, the OCC, the Board of Governors of the Federal Reserve, and the FDIC issued a statement for banking organizations regarding the safekeeping of digital assets, which focused on how existing laws, regulations and risk management principles apply to such activities, and signaled additional progress in the increasing regulatory clarity for digital assets by key financial regulators in the United States. As a result of these regulatory changes, competition on the offering of certain of our products and services may increase, potentially impacting our revenue, as well as the market price of ENA Token and in turn may adversely affect the market price of StablecoinX Class A Common Stock. On May7, 2025, the OCC issued a letter confirming that national banks and federal savings associations may provide and outsource cryptocurrency custody and execution services on behalf of customers. See also “ StablecoinX will operate in a highly competitive environment and will compete against companies and other entities with similar strategies, including other digital asset infrastructure software and service providers, validator operators and companies with significant holdings of digital assets, and