cases given the current environment

▪ March 9, 2022 -- Executive Order 14067 - “Ensuring Responsible Development of Digital Assets”. Executive Order 14067

▪ September 15, 2022 – Following ETH “merge”, SEC Chair indicates that proof-of-stake cryptos could be investment contracts that subject them to securities regulations. Sept 15th Article

▪ December 7, 2022 – SEC Chair urges that crypto companies come into compliance with existing securities laws:

“The basic message that I have had is the same public message as private message . . .Come into compliance. Your field will not last long outside of public policy norms.” (emphasis supplied).

▪ February 10, 2023 – Kraken fined $30 million and directed to halt its staking service. SEC Chair states that labels – whether a program is called "lend," "yield" or "earn" – didn't matter as much as the underlying economics. "There's a saying in crypto that 'says not your keys, not your coins.' So those other platforms should take note of this and seek to come into compliance, do the proper disclosures and registration and the like.“ (emphasis supplied).

▪ March 9, 2023 – NY State Attorney General files complaint against Kucoin

“The Tokens KuCoin sold and purchased to and from New York are securities under New York law. In In re Waldstein, 160 Misc. 763 (Sup. Ct, Albany Cnty. 1936). . . . ETH, LUNA, UST, and KuCoin Earn are each securities under Waldstein.” Kucoin Complaint (emphasis supplied).

▪ March 15, 2023 – SEC Chair states: "Whatever they're promoting and putting into a protocol, and locking up their tokens in a protocol … I would just suggest that each of these token operators ... seek to come into compliance, and the same with the intermediaries…” March 15th Article

▪ March 22, 2023 - SEC issues “Wells Notice” to Coinbase. Coinbase Press Release

▪ April 6, 2023 -- Treasury Department issues “Illicit Finance Risk Assessment of Decentralized Finance” - Treasury Department Press Release

▪ April 18, 2023 – In Congressional testimony, SEC Chair avoids answering the direct question of whether ETH is a security.