Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 115

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 115
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 of those federal securities laws. On February 4, 2025, Sen. Bill
Hagerty introduced the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act – the GENIUS Act – cosponsored
by Senate Banking Chair Tim Scott and Sens. Kirsten Gillibrand and Cynthia Lummis, which would establish a U.S. regulatory framework
for payment stablecoins. The GENIUS Act was passed by the U.S. Senate on June 17, 2025 and by the U.S. House of Representatives on July
17, 2025. It was signed into law by President Trump on July 18, 2025. Like the McHenry Bill, the GENIUS Act provides for a regulatory
framework where payment stablecoin issuers may be either a subsidiary of an insured bank, an uninsured depository institution or trust
bank, or a nonbank, and primarily regulated at either the federal or state level. It also provides for stablecoin reserve requirements
and require bank-like regulation for both bank and nonbank stablecoin issuers.

Several other bills have advanced
through Congress to curb digital assets as a payment gateway for illicit activity and money laundering. The “Blockchain Regulatory
Clarity Act” would provide clarity to the regulatory classification of digital assets, providing market certainty for innovators
and clear jurisdictional boundaries for regulators by affirming that blockchain developers and other related service providers that do
not custody customer funds are not money transmitters. The “Financial Technology Protection Act,” another bipartisan measure,
would set up an independent Financial Technology Working Group to combat terrorism and illicit financing in digital assets. The “Blockchain
Regulatory Certainty Act” aims to protect certain blockchain platforms from being designated as money-services businesses. Both
acts advanced through the House with bipartisan support.

In a similar effort to prevent
money laundering and stop digital asset-facilitated crime and sanctions violations, bipartisan legislation was introduced to require
DeFi services to meet the same anti-money laundering and economic sanctions compliance obligations as other financial companies. DeFi
generally refers to applications that facilitate peer-to-peer financial transactions that are recorded on blockchains. By design, DeFi
provides anonymity, which can allow malicious and criminal actors to evade traditional financial regulatory tools. Noting that transparency
and sensible rules are vital for protecting the financial system from crime, the “Crypto-Asset National Security Enhancement and
Enforcement (‘CANSEE’) Act” was introduced. The CANSEE Act