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The regulatory framework governing investment advice related to digital assets, including Bitcoin, is evolving and subject to significant uncertainty. The SEC, CFTC, state securities regulators, and other governmental authorities continue to develop and refine their approaches to regulating digital asset …

Item 1A, Risk Factors, 10-K Mar 30, 2026open_in_new

The regulatory framework for digital asset investment advice is evolving and uncertain, and changes in laws or regulations could materially affect our advisory business.

Item 1A, Risk Factors, 10-K Mar 30, 2026open_in_new

changes in the legislative or regulatory environment or actions by U.S. or Non-U.S. governments or regulators, including fines, orders or consent decrees;

Item 1A, Risk Factors, 10-K Mar 31, 2026open_in_new

Twenty One Capital’s business activities may be subject to review or approval by regulatory authorities pursuant to certain U.S. or foreign laws or regulations.

Item 1A, Risk Factors, 10-K Mar 31, 2026open_in_new

regulatory risks, including remaining in good standing with existing regulatory bodies or receiving any necessary pre-closing or post-closing approvals, as well as being subject to new regulators with oversight over an acquired business; assumption of contractual obligations that contain terms that are not beneficial to us, require us to license or waive intellectual property rights or increase our risk for liability;

Item 1A, Risk Factors, 10-K Mar 27, 2026open_in_new

… Due to our regulated status in several jurisdictions and our commitment to legal and regulatory compliance, we have not been able to offer many popular products and services, including products and services that our unregulated or less regulated competitors are …

Item 1A, Risk Factors, 10-K Mar 27, 2026open_in_new

Legislative or regulatory change regarding the regulation of “ commodities ” by the Commodities Futures Trading Commission (“CFTC”) and the potential regulation of digital assets as “ digital commodities ” could subject us to additional regulatory burdens and oversight by the CFTC and could adversely affect the market price of ETH and the market price of our listed securities.

Item 1A, Risk Factors, 10-K Mar 9, 2026open_in_new

… federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of digital assets or the ability of individuals or institutions such …

Item 1A, Risk Factors, 10-K Mar 9, 2026open_in_new

changes in business or regulatory conditions, including new laws or regulations or new interpretations of existing laws or regulations applicable to TMTG’s business;

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

changes in the legislative or regulatory environment, including with respect to privacy, or enforcement by government regulators, including fines, orders, or consent decrees;

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

The regulatory treatment of stablecoins is subject to significant uncertainty and ongoing legislative and regulatory development in the United States and internationally. New or proposed legislation and regulation could impose reserve

Item 1A, Risk Factors, 10-K Mar 31, 2026open_in_new

… federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of Solana or the ability of individuals or institutions such as …

Item 1A, Risk Factors, 10-K Mar 31, 2026open_in_new

first U.S. regulatory framework for licensing participants in “virtual currency business activity.” The regulations, known as the

Item 1A, Risk Factors, 10-K Mar 2, 2026open_in_new

regulations, and regulatory actions could significantly restrict or eliminate the market for, or uses of, digital assets including bitcoin,

Item 1A, Risk Factors, 10-K Mar 2, 2026open_in_new

• in May 2023, the European Union adopted Markets in Crypto Assets Regulation (“MiCA”), a comprehensive digital asset regulatory framework for the issuance and use of digital assets, like bitcoin; and

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

Governments and regulators in the United States and abroad may enact new laws and regulations, or enforce or interpret existing laws or regulations, in a manner that could impose material additional regulatory burdens and costs on us or other digital asset industry participants, which could materially affect the price of bitcoin or the ability of individuals or institutions such as us to own or transfer bitcoin. For example, within the past several years:

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of SUI or the ability of individuals or institutions such as …

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

… federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of SUI or other forms of digital assets or the ability …

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

… federal government, states, regulatory agencies and foreign countries may also enact new laws and regulations that could materially impact the price of bitcoin or the ability of individuals or institutions such as ourselves to own or transfer bitcoin. Within the …

Item 1A, Risk Factors, 10-K Mar 19, 2026open_in_new

… These and any other bitcoin-related transactions that we may enter into, beyond simply acquiring and holding bitcoin, may subject us to additional regulatory compliance requirements and scrutiny, including under federal and state and foreign money services regulations, money transmitter …

Item 1A, Risk Factors, 10-K Mar 19, 2026open_in_new

… federal government, states, regulatory agencies and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of Litecoin or the ability of individuals or institutions such as …

Item 1A, Risk Factors, 10-K Sep 28, 2026open_in_new

Mutual funds, exchange-traded funds and their directors and management are subject to extensive regulation as “investment companies” and “investment advisers” under U.S. federal and state law; this regulation is intended for the benefit and protection of investors. We …

Item 1A, Risk Factors, 10-K Sep 28, 2026open_in_new

We may be subject to substantial environmental or energy regulation and may be adversely affected by legislative or regulatory changes.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

We may be subject to substantial environmental or energy regulation and may be adversely affected by legislative or regulatory changes.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

State securities regulators may also take positions regarding the classification of digital assets under state law that differ from federal interpretations, which could subject us to additional regulatory requirements.

Item 1A, Risk Factors, 10-K Mar 2, 2026open_in_new

Regulatory bodies, including the SEC, CFTC, federal energy regulators, and other financial oversight agencies, frequently modify and reinterpret existing rules, leading to inconsistencies across jurisdictions. As a result, we must exercise judgment in determining how certain laws apply to our …

Item 1A, Risk Factors, 10-K Mar 2, 2026open_in_new

The U.S. federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of the TRX token or the ability of individuals or institutions (including the Company) to own or transfer TRX tokens. For example, within the past several years:

Item 1A, Risk Factors, 10-K Mar 25, 2026open_in_new

… These and any other TRX token-related transactions we may enter into, beyond simply acquiring and holding TRX tokens, may subject us to additional regulatory compliance requirements and scrutiny, including under federal and state money services regulations, money transmitter licensing …

Item 1A, Risk Factors, 10-K Mar 25, 2026open_in_new

As disclosed in Part I, Item 1. “Business” - “Regulatory” of this Annual Report, bitcoin and other crypto asset markets may be subject to increased scrutiny and regulation by the U.S. Congress and governmental agencies. Changes to laws, regulations, or enforcement priorities - whether directed at digital assets, mining operations, trading platforms, or participants - may adversely impact our Bitcoin Mining and related activities.

Item 1A, Risk Factors, 10-K Mar 2, 2026open_in_new

There is ongoing regulatory uncertainty in the United States regarding climate and energy policy. Because Bitcoin Mining and data centers require substantial energy, the industries may become the target of future climate-related or energy-use regulations. New or

Item 1A, Risk Factors, 10-K Mar 2, 2026open_in_new

… In particular, the regulatory treatment of ETH staking, validator operations, and staking-as-a-service activities remains uncertain. The SEC, CFTC, and state regulators have not provided definitive guidance on whether staking activities constitute securities, commodities, or other regulated activities …

Item 1A, Risk Factors, 10-K Nov 10, 2026open_in_new

We are subject to data privacy and protection laws and regulations, and any failure to comply could result in regulatory penalties and reputational harm.

Item 1A, Risk Factors, 10-K Nov 10, 2026open_in_new

… Furthermore, state regulators may conclude that digital assets are securities under state laws, requiring us to comply with state-specific securities regulations. States like California have stricter definitions of “investment contracts” than the SEC, increasing the risk of additional regulatory …

Item 1A, Risk Factors, 10-K Nov 25, 2025open_in_new

The regulatory landscape surrounding HPC, AI and bitcoin mining operations is evolving rapidly, and we anticipate increased scrutiny and potential regulation in the near and long term. These developments may affect our business and operations in ways that are difficult to predict.

Item 1A, Risk Factors, 10-K Nov 25, 2025open_in_new

As we transition from bitcoin mining operations to HPC infrastructure services, we face evolving regulatory frameworks in multiple areas. Our HPC business is subject to data center regulations, energy and environmental regulations, and potentially AI-specific regulatory requirements depending on how our role as infrastructure provider is

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

• We are subject to a highly-evolving regulatory landscape and any adverse changes to, or our failure to comply with, any laws and regulations could adversely affect our business, reputation, prospects or operations.

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

• We may be subject to substantial environmental or energy regulation and may be adversely affected by legislative or regulatory changes.

Item 1A, Risk Factors, 10-K Mar 27, 2026open_in_new

We may be subject to substantial environmental or energy regulation and may be adversely affected by legislative or regulatory changes.

Item 1A, Risk Factors, 10-K Mar 27, 2026open_in_new

Adverse regulatory developments such as the recent actions brought by securities regulators on crypto asset activities;

Item 1A, Risk Factors, 10-K Dec 11, 2025open_in_new

Further, state regulators may conclude that the digital assets we hold are securities under state laws, requiring us to comply with state-specific securities regulations. States like California have stricter definitions of “investment contracts” than the SEC, increasing the risk of additional regulatory scrutiny.

Item 1A, Risk Factors, 10-K Dec 11, 2025open_in_new

in April 2023, the European Union adopted Markets in Crypto Assets Regulation, a comprehensive digital asset regulatory framework for the issuance and use of digital assets, like bitcoin;

Item 1A, Risk Factors, 10-K Mar 30, 2026open_in_new

The U.S. federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of HYPE or the ability of individuals or institutions such as us to own or transfer HYPE. For example, within the past several years:

Item 1A, Risk Factors, 10-K Mar 30, 2026open_in_new

For example, regulatory authorities may assert that certain DeFi protocols operate as unregistered exchanges, broker-dealers, clearing agencies, or other regulated entities, or that participants in such protocols, including liquidity providers or borrowers, may be subject to regulatory obligations.

Item 7, MD&A, 10-K Mar 26, 2026open_in_new

Our validator node operations, block-building activities, and DeFi participation may be subject to increased regulatory scrutiny and could be deemed to involve regulated activities.

Item 7, MD&A, 10-K Mar 26, 2026open_in_new

Potentially increasing regulation and regulatory scrutiny may result in new costs for the Company and Company’s management having to devote increased time and attention to regulatory matters, change aspects of the Company’s business or result in limits on …

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

• We are subject to a highly-evolving regulatory landscape and any adverse changes to, or our failure to comply with, any laws and regulations could adversely affect our business, reputation, prospects or operations.

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

… federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of digital assets or the ability of individuals or institutions such …

Item 1A, Risk Factors, 10-K Mar 30, 2026open_in_new

• significant regulatory scrutiny, investigations, fines, penalties, and other legal, regulatory, contractual and financial exposure.

Item 1A, Risk Factors, 10-K Mar 30, 2026open_in_new

… federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of Solana or the ability of individuals or institutions such as …

Item 1A, Risk Factors, 10-K Sep 17, 2026open_in_new

Mutual funds, exchange-traded funds and their directors and management are subject to extensive regulation as “investment companies” and “investment advisers” under U.S. federal and state law; this regulation is intended for the benefit and protection of investors. We …

Item 1A, Risk Factors, 10-K Sep 17, 2026open_in_new

… Dollar-denominated stablecoins are subject to regulatory and legal uncertainty, and governments and regulators may enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions that could impact our ability to acquire, hold or transfer U.S …

Item 1A, Risk Factors, 10-K Mar 24, 2026open_in_new

… There is uncertainty in the legal and regulatory landscape for AI, which is not fully developed, and any laws, regulations or industry standards adopted in response to the emergence of AI may be burdensome, could entail significant costs, and may …

Item 1A, Risk Factors, 10-K Mar 24, 2026open_in_new