Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 56

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 56
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 future legislation
and rulemaking by the CFTC and SEC or other regulators, including interpretations released by a regulatory authority, may impact the manner
in which digital assets are treated. For example, digital assets derivatives are not excluded from the definition of “commodity
future” by the CFTC. Furthermore, according to the CFTC, digital assets fall within the definition of a commodity under the
Commodities Exchange Act (the “ CEA”) and as a result, we may be required to register and comply with additional regulations
under the CEA, including additional periodic reporting and disclosure standards and requirements. We may also be required to register
as a commodity pool operator and to register as a commodity pool with the CFTC through the National Futures Association. If we are required
to register with the CFTC or another governmental or self- regulatory authority, the scope of our business and operations may be constrained
by the rules of such authority and we may be forced to incur additional expenses in the form of licensing fees, professional fees and
other costs of compliance.

The SEC has issued guidance
and made numerous statements regarding the application of securities laws to digital assets. For example, on July 25, 2017, the SEC
issued a Report of Investigation (the “ Report of Investigation”) which concluded that tokens offered and sold by the Decentralized
Autonomous Organization (“ DAO”), a digital decentralized autonomous organization and investor-directed venture capital
fund for digital assets, were issued for the purpose of raising funds. The Report of Investigation concluded that these tokens were “investment
contracts” within the meaning of Section 2(a)(1) of the Securities Act and Section 3(a)(10) of the Exchange Act,
and therefore securities subject to the federal securities laws. In December 2017, the SEC issued a cease-and-desist letter
to Munchee Inc., ordering that the company stop its initial coin offering of MUN Tokens on the grounds that it failed to file a registration
statement or qualify for an exemption from registration. Similar to the tokens issued by the DAO, the SEC found that the MUN Tokens satisfied
the definition of an “investment contract,” and were therefore subject to the federal securities laws. In February 2018,
both the SEC and CFTC further reiterated their concerns regarding digital assets in written testimony to the Senate Banking, Housing and
Urban Affairs Committee. On March 7, 2018, the SEC released a “ Statement on Potentially Unlawful Online