Company: MLAC
Filing Date: 2025-12-30
Form Type: 425
Source: 0001213900-25-126602
Chunk: 2

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-12-30
Form: 425
Chunk 2
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 market-making firms. And
then kind of need the 2021 kind of run up. And that’s when we kind of made the decision that if we want to do this, and Susquehanna
and my personal kind of view of the world is taking a very conservative approach towards legal and regulatory compliance. And that just
meant doing it offshore. And we knew that people were doing it in the U.S. and they were using VPNs and which really just means they’re
not abiding by their terms of service. But just in a broader sense, if we were going to do this, we wanted to do it in the most compliant
and effective manner, which meant, unfortunately, in that timeframe, going offshore. And that’s what we did. We set up a global
business that was in three time zones, but just not in the U.S. Tony Edward:Bart, things have changed so much drastically since
2014. We went from being taboo and the stigma of this being used by criminals to this full-blown asset class that now Wall Street firms
are jumping all in. They’re going neck deep, adopting, launching crypto trading, custody, tokenizing, stablecoins, and much more.
Plus, we have some legislation like the Genius Act. What is it like looking back and seeing the growth?

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Bart Smith: You know, it felt really bleak for a while there.
And while there has been a tremendous amount of progress in the last 12 months, Clarity, Genius Act, and we’re not through the woods
on that. I, not to take a somewhat more bearish view than many people, but like there’s still a lot of work that needs to be done.
And we need to codify Clarity, right? Because if you don’t create laws and rules to follow that are very clear, well, then you’re
just subject to the same kind of regulatory arbitrage that has existed historically. So that’s something that in 2025, we need to
kind of close out. It’s kind of difficult right now with the government being shut down. So those are things that I’m looking
at. And then you’re going to need to have some sort of harmonization of regulatory rulemaking around the globe. And you’ve
seen a little bit of like kind of things to be excited about. The U.S. is working with the FCA in London, which has always been