Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 219

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 219
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chains could undercut the integrity of ENA Token and negatively affect its price. Advances in digital computing, including quantum computing, could also compromise cryptographic protections underlying Ethereum and ENA Token. The liquidity of ENA Token may also be reduced, and its public perception harmed, if financial institutions were to deny or limit banking services to businesses that hold ENA Token, provide ENA -relatedservices, or accept ENA Token as payment. In addition, liquidity of ENA Token could be adversely affected if changes in applicable laws or regulatory requirements impair the ability of exchanges and trading venues to support ENA Token or other digital assets. 75 The regulatory environment for digital assets in the United States and globally remains highly uncertain and is evolving rapidly. Policymakers are only beginning to develop a comprehensive regulatory framework for digital assets and there is uncertainty regarding how different types of tokens should be classified and regulated. As a result, StablecoinX may face challenges in adapting to proposed or newly enacted laws and regulations, which could materially and adversely affect its business, financial condition and operations. As digital assets have grown in popularity and market size, various U.S. federal, state and local and foreign governmental organizations, as well as consumer agencies and public advocacy groups, have increasingly scrutinized the operations of digital asset protocols, users and platforms. Areas of focus have included how digital assets can be used to launder the proceeds of illegal activities, fund criminal or terrorist enterprises and evade sanctions. In addition, the safety and soundness of platforms and other service providers that hold digital assets for users have drawn regulatory and public attention. These concerns have led to calls for heightened regulatory oversight, and new laws and regulations. Unlike traditional financial institutions, which have cultivated long -standingrelationships with policymakers and regulators, participants in the digital asset industry, including those involved in the Ethereum ecosystem on which Ethena currently depends, are relatively new to the U.S. legislative and regulatory landscape. While engagement with policymakers and regulators has begun, it is still at a relatively nascent stage and may be insufficient to influence future legislation and regulation. As a result, new laws and regulations may be proposed and adopted in the United States and internationally, or existing laws and regulations may be interpreted in new ways, that adversely affect the cryptoeconomy or digital asset platforms. Consequently, StablecoinX may be disproportionately impacted by such developments, potentially restricting its ability to hold or transact in ENA Tokens or otherwise operate or innovate. Additionally, any future political activities to further our mission may be perceived unfavorably by investors and the public and