Company: OWLS
Filing Date: 2025-09-19
Form Type: F-1/A
Source: 0001193125-25-208098
Chunk: 198

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-09-19
Form: F-1/A
Chunk 198
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 asset products may be
classified as securities under U.S. federal and state securities laws, and initiated a number of enforcement actions and regulatory proceedings against digital assets and digital asset products and their developers and proponents, as well as against
trading platforms that support digital assets. In first half 2025, the SEC dismissed its enforcement actions against certain digital assets economy participants, including Coinbase and Kraken, the enforcement actions against whom were based on
alleged failures to register as broker-dealers, exchanges and clearing agencies, which in part hinged upon the security status of various digital assets. There can be no guarantee that the SEC will not bring similar claims involving these or other
digital assets in the future. However, these dismissals by the SEC expressed, according to the SEC releases, the intent to rectify its approach and develop crypto policy in a more transparent manner. On April 4, 2025, the SEC published a Statement
on Stablecoins stating its view that the offer and sale of certain dollar-backed stablecoins, in the manner and under the circumstances described therein, would not involve an offer and sale of “securities” within the meaning of U.S.
securities laws, subject to facts and circumstances analysis.

New legislative and regulatory frameworks are being introduced in the
United States regarding the regulations of stablecoins and other digital assets. On July 18, 2025, the GENIUS Act was passed and signed into law of the United States, which directs for a federal regulatory framework for the issuance of
“payment stablecoins” that are designed to be used as a means of payment and settlement. Under the GENIUS Act, payment stablecoins can only be issued by permitted issuers that are subject to qualifications and regulatory oversight and
meet certain reserve, liquidity and periodic disclosure requirements. Non-compliant stablecoins, beginning from three years (or such other periods as specified in the Act) from the enactment of the GENIUS Act, will be prohibited from secondary
market trading or being offered or sold in the United States by a digital asset service provider, subject to limited exceptions. Under the GENIUS Act, a person may only provide custodial or safekeeping services for payment stablecoin reserves,
payment stablecoins used as collateral, or private keys used to issue payment stablecoins if they are subject to certain supervision by applicable regulators in the United States. Specific rules will need to be promulgated under the GENIUS Act to
implement the act. In addition, the U.S. Congress is