Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 409

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 409
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 network. Ethena has also demonstrated remarkable revenue generation, becoming the second fastest protocol to reach $100 million in revenue, achieving this milestone in just 251 days. This was quicker than many well -knownand established protocols like Convex (CVX), PancakeSwap (CAKE), and Curve (CRV). We believe Ethena’s strong financial performance is a key indicator of its robust business model, providing a strong foundation for StablecoinX’s investment thesis of establishing a large ENA Token treasury and operating validator nodes for the Converge network when it launches. See “— Our validator business depends on the successful launch and operation of the Converge network, and any delay, failure to launch, or changes in anticipated procedures and policies could materially and adversely affect our business.” and “— Our success depends on the continued growth, development, and adoption of blockchain networks on which SC Assets operates its validator nodes and the growth of blockchain -based financial applications and the broader Ethena Protocol and the Converge network, which growth remains uncertain.” Government Regulation The laws and regulations applicable to ENA Token and other digital assets are evolving and subject to interpretation and change. Governments around the world have reacted differently to digital assets. Certain governments have deemed them illegal, and others have allowed their use and trade without restriction, while in some jurisdictions, such as the U.S., digital assets are subject to overlapping, uncertain and evolving regulatory requirements. As digital assets have grown in both popularity and market size, the U.S. Executive Branch, Congress, and a number of U.S. federal and state agencies, including the Financial Crimes Enforcement Network, the CFTC, the SEC, the Financial Industry Regulatory Authority, the Consumer Financial Protection Bureau, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the IRS, and state financial regulators, have been examining the operations of digital asset networks, digital asset users and digital asset exchanges, with particular focus on the extent to which digital assets can be used to violate state or federal laws, including to facilitate the laundering of proceeds of illegal activities or the funding of criminal or terrorist enterprises, and the safety and soundness and consumer -protectivesafeguards of exchanges or other service -providersthat hold, transfer, trade or exchange digital assets for users. Many of these state and federal agencies have issued consumer advisories regarding the risks posed by digital assets to investors. In addition, federal and state agencies, and other countries have issued rules or guidance regarding the treatment of digital asset