Clarity for Payment Stablecoins Act of 2023

Issues relating to digital payments including cost of acceptance, interchange, payment security, and data & cybersecurity. Issues relating to fraud & ID theft. Issues relating to digital transformation, the deployment of tokenization, EMV technology and other payments innovations. Issues relating to S.1838/H.R.3881, the Credit Card Competition Act; Amendment to H.R. 3935, the FAA Reauthorization Act. Issues relating to H.R. 1165, the Data Privacy Act. Issues relating to H.R. 4766, the Clarity for Payment Stablecoins Act Issues relating to interchange fees on electronic payments. Issues relating to payment card security, and data security. Issues relating to privacy and data use. Issues relating to stablecoin regulation. Issues relating to Merchant Category Codes. Issues relating to financial literacy and diversity and inclusion/racial equity. Issues relating to H.R. 6487/S.3805 - No Fees for EFTS Act Issues relating to the American Privacy Rights Act Issues relating to S.4630, the Streamlining Federal Cybersecurity Regulations Act

Client expense: $1,810,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues relating to digital payments including cost of acceptance, interchange, payment security, and data & cybersecurity. Issues relating to fraud & ID theft. Issues relating to digital transformation, the deployment of tokenization, EMV technology and other payments innovations. Issues relating to S.1838/H.R.3881, the Credit Card Competition Act; H.R.4366, the Consolidated Appropriations Act, P.L.118-42; and H.R.2882, the Further Consolidated Appropriations Act, P.L.118-47. Issues relating to H.R. 1165, the Data Privacy Act. Issues relating to H.R. 4766, the Clarity for Payment Stablecoins Act Issues relating to interchange fees on electronic payments. Issues relating to payment card security, and data security. Issues relating to privacy and data use. Issues relating to stablecoin regulation. Issues relating to Merchant Category Codes. Issues relating to financial literacy and diversity and inclusion/racial equity.

Client expense: $2,030,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 4766 - Clarity for Payment Stablecoins Act of 2023: issues related to treatment of custody activities (Section 12 (b)). S. 2281 - Lummis-Gillibrand Responsible Financial Innovation Act: issues related to custody assets maintenance off-balance sheet (Section 705 (e)). H.R. 4763 - Financial Innovation and Technology for the 21st Century Act: issues related to treatment of custody activities by banking institutions (Section 411).

Client expense: $160,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Increasing the regulatory clarity pertaining to crypto assets and crypto facilities, including H.R. 4763, Financial Innovation and Technology for the 21st Century Act; Development of a legislative framework for stablecoins, including H.R. 4766, the Clarity for Payment Stablecoins Act of 2023; Illicit finance and KYC/AML matters, including S. 2355, Crypto-Asset National Security Enhancement and Enforcement (CANSEE) Act and S. 2669, Digital Asset Anti-Money Laundering Act of 2023; Federal blockchain and distributed ledger technology research activities; Cryptocurrency and application of blockchain and distributed ledger technology to financial services and other economic sectors areas; CFTC regulation of digital assets; Crypto exchanges; Consumer protection issues

Client expense: Not reported · Firm income: $15,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Specific Legislation: S. 2355 - Crypto Asset National Security Enhancement and Enforcement (CANSEE) Act (AML legislation); S. 2669 -- Digital Asset Anti-Money Laundering Act (DAAMLA)(legislation related to BSA, AML, KYC for crypto); S. 4155 -- Lummis-Gillibrand Payment Stablecoin Act (federal stablecoin legislation); S. 4356 -- Lummis-Gillibrand Responsible Financial Innovation Act (comprehensive crypto bill); H.R. 4763 -- Financial Innovation and Technology for 21st Century (FIT) Act (comprehensive crypto legislation); H.R. 4766 - Clarity of Payment Stablecoins Act; H.R. 5741, the Uniform Treatment of Custodian Assets Act (rescinds SAB 121); H.J. Res. 109 (rescinds SAB 121); Draft stablecoin and crypto market structure legislation (not yet introduced). Securities and Exchange Commission's Staff Accounting Bulletin No. 121 (SAB 121); and Securities and Exchange Commission's Staff Accounting Bulletin No. 121 (SAB 121) - new accounting requirement for digital-asset custody.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Lapses by the retail industry/merchants in securing consumer information continue to be extremely problematic and costly to consumers and financial institutions. MCUL is advocating that Congress hold retailers to the same or similar data security standards as the financial service industry has to abide by and require retailers notify credit unions sooner once a breach occurs. We support the introduction of legislation that ensures all businesses, institutions and organizations that collect, use or share personal data are subject to national standards, to include language that preempts state requirements, among other things. MCUL supports modernizing the Federal Credit Union Act (FCUA). The financial service industry is rapidly changing. Advancements in technology, including high speed internet connectivity, have significantly changed our society and how financial institutions do business. Updating the FCUA has become necessary to ensure federally chartered credit unions have the powers and flexibility to be competitive and members can benefit from new technology. We are currently supporting S. 539/H.R.4867, the Veterans Member Business Loan Act that would exempt credit union business loans to veterans from the member business lending cap and we are supporting H.R. 582/S.610, the Credit Union Board Modernization Act which would afford federal credit unions flexibility with regard to how often their boards meet. In addition, we are calling on Congress to pass H.R. 4868, the Member Business Loan Expansion Act, allowing the NCUA to extend the maturity limit on non-mortgage loans. MCUL is monitoring developments for GSE/housing finance reform and will advocate to make sure any reforms reflect the significant role credit unions play in the secondary mortgage market and we will defend against anything that is potentially harmful to credit unions and our members. MCUL is calling on Congress to pass bank secrecy act/anti-money laundering reforms and provide financial institutions relief from unnecessary, duplicate and burdensome rules and increase the SAR and CTR thresholds. MCUL is educating members of our congressional delegation on the growing interest among credit union members and credit unions in cryptocurrency. We believe Congress should explore ways to regulate the delivery of financial services using digital currencies to ensure consumers are protected in the same way if they received financial services from a financial institution. We urge Congress to look for ways to enable credit unions and other financial institutions to provide digital assets, so that these services can be properly overseen by federal regulators. Finally, credit unions seek parity with other financial institutions in this area as credit unions must be able to offer digital/crypto products and services directly to their members in the same way that other institutions can to their customers. MCUL is urging Congress to amend H.R. 4766, the Clarity for Payment Stablecoins Act of 2023, to remove current competitive barriers for credit unions in stablecoin legislation. MCUL remains opposed to a proposal by the U.S. Treasury Department and that has been discussed in Congress that would require financial institutions to report on an annual basis, the gross inflows and outflows, for member accounts (businesses and individuals). We have been educating our congressional delegation on the issue and urging them to reject including the proposal in future legislation. MCUL opposes H.R. 9303/S.4943, the Protecting Consumers from Payment Scams Act of 2024 provided the bill fails to tackle the root causes of criminal activity that have left consumers vulnerable to fraud/scams, does not provide resources to improve consumer education about fraud/scams and would impose severe costs on credit unions and dramatically alter their ability to absorb future loses. Lastly, credit unions are not-for-profit member-owned financial institutions, owned by members they service. Credit unions consumer-focused model is self-regulating and a principal reason why credit unions are not covered by the Community Reinvestment Act (CRA). MCUL will educate members of the delegation of the work credit unions are doing to serve low/moderate-income, diverse communities and the negative impacts of including credit unions in the CRA. We will oppose efforts that would result in credit unions of any size being included in the CRA.

Client expense: $20,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 758 Promoting Access to Capital in Underbanked Communities Act of 2023 H.R. 1806 Small LENDER Act H.R. 1810 Bank Loan Privacy Act H.R. 2656 Trigger Leads Abatement Act H.R. 2891 SAFER Banking Act of 2023 H.R. 3881 Credit Card Competition Act of 2023 H.R. 4766 Clarity for Payment Stablecoins Act of 2023 H.R. 5403 CBDC Anti-Surveillance State Act H.R. 7297 Homebuyers Privacy Protection Act H.R. 9303 Protecting Consumers from Payment Scams Act H.R. 10542 Employee Paycheck and Small Business Protection Act S. 1323 SAFE Banking Act of 2023 S. 1838 Credit Card Competition Act of 2023; Durbin Amendment on Debit Card Routing; Extension to Credit Cards S. 2860 SAFER Banking Act S. 3502 Homeowners Privacy Protection Act (Trigger Leads) S. 3538 Close the Shadow Banking Loophole Act S. 3801 CBDC Anti-Surveillance State Act S. 4155 Lummis -Gillibrand Payment Stablecoin Act S. 4570 Secure Payments Act S. 4638 National Defense Authorization Act for Fiscal Year 2025 S. 4943 Protecting Consumers from Payment Scams Act Senate Amendment 2358 to National Defense Authorization Act (Trigger Leads) Senate Amendment 3290 National Defense Authorization Act (Trigger leads) Anti-money laundering regulation - digital assets Artificial Intelligence Bank Merger Competitive Review Guidelines Bank-fintech partnerships Beneficial Ownership Cannabis Banking Central Bank Digital Currency Check Fraud Community Bank Access to Capital Community Development Financial Institutions Certification Credit Card Routing Mandates Credit Reporting Credit Union Acquisitions of Community Banks Credit Union Business Lending Powers Credit Union Field of Membership Rules Data Privacy De Novo Bank Formation Debit Card Interchange Fees and Routing Deposit Insurance Reform Digital Assets Regulation EGRPRA Review FHFA Capital Rules Flood Insurance Implementation of Dodd Frank Act Section 1071 Implementation issues with the Anti-Money Laundering Act of 2020 Industrial Loan Company Charter Policy Open Banking / Dodd-Frank Section 1033 Opposing the SBAs proposal to repeal the moratorium on the number of Small Business Lending Companies (SBLC) that are permitted to make 7(a) loans. Request for hearing on unfair Credit Union Competition Request that the CFPBs FCRA Rulemaking Process be Subject to an Advanced Notice of Proposed Rulemaking (ANPR) before it Publishes a Notice of Proposed Rulemaking (NPRM) SBA Direct 7(a) Direct Lending

Client expense: $834,820 · Firm income: Not reported

Government targets: Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Office of the Comptroller of the Currency (OCC), SENATE, Treasury, Dept of

Issues related to blockchain technology and digital asset market structure. Central Bank Digital Currencies H.R. 4763 - Financial Innovation and Technology for the 21st Century Act H.R. 4766 - Clarity for Payment Stablecoins Act S. 2281 - Responsible Financial Innovation Act Tokenization Report Act of 2024

Client expense: Not reported · Firm income: $30,000

H.R. 3572, Securities Clarity Act H.R. 4763, Financial Innovation and Technology for the 21st Century Act H.R. 4766, Clarity for Payment Stablecoins Act of 2023 S. 2281, Lummis-Gillibrand Responsible Financial Innovation Act S. 2355, Crypto-Asset National Security Enhancement and Enforcement Act of 2023 S. 2669, Digital Asset Anti-Money Laundering Act of 2023 S. 3441, Terrorist Financing Prevention Act of 2023 S. 4155, A bill to provide for effective regulation of payment stablecoins, and for other purposes S. ____, Ensuring Necessary Financial Oversight and Reporting of Cryptocurrency Ecosystems (ENFORCE) Act Issues related to digital assets Issues related to the IRS Digital Broker Rule Issues related to national security and illicit finance Issues related to crypto market structure Crypto tax issues

Client expense: $250,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to finance; including H.R. 4766 the Clarity for Payments Stablecoins Act of 2023.

Client expense: Not reported · Firm income: $120,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to Kraken's U.S. business operations including our centralized exchange and bank, among other products and services; crypto legislation, including H.R. 4763, the Financial Innovation and Technology for the 21st Century Act, H.R. 4766, Clarity for Payment Stablecoins, S.2281, Responsible Financial Innovation Act.

Client expense: $296,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1122, CBDC Anti-Surveillance State Act H.R. 1747, Blockchain Regulatory Certainty Act H.R. 4664, FY 2024 Financial Services and General Government Appropriations bill H.R. 4766, Clarity for Payment Stablecoins Act of 2023 H.R. 4841, Keep Your Coins Act of 2023 H.R. 5403, CBDC Anti-Surveillance State Act H.R. 6572, Deploying American Blockchains Act of 2023 H.R. 8266, Blockchain Integrity Act H.R. 9579, Bridging Regulation and Innovation for Digital Global and Electronic (BRIDGE) Digital Assets Act S. 695, A bill to repeal the provisions of the Infrastructure Investment and Jobs Act that impose new information reporting requirements with respect to digital asset transfers. S. 2226, NDAA Amendment - Digital Asset Sanctions Compliance Enhancement Act of 2023, Senate Amendment 326, Senate Amendment 326, and Senate Amendment 1087 to Senate Amendment 935 regarding - Crypto Asset Anti-Money Laundering Examination Standards S. 2281, Lummis-Gillibrand Responsible Financial Innovation Act S. 2355, Crypto-Asset National Security Enhancement and Enforcement Act of 2023 (CANSEE) S. 4155, Lummis-Gillibrand Payment Stablecoin Act S. 4638, National Defense Authorization Act for Fiscal Year 2025 S. 5242, Saving Privacy Act

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1122, CBDC Anti-Surveillance State Act H.R. 1177, Financial Freedom Act of 2023 H.R. 1414, Keep Innovation in America Act H.R. 1747, Blockchain Regulatory Certainty Act H.R. 2670, National Defense Authorization Act - Amendment 44 H.R. 2743, Fair Access to Banking Act H.R. 2891, Secure and Fair Enforcement (SAFE) Banking Act of 2023 H.R. 2969, Financial Technology Protection Act of 2023 H.R. 3572, Securities Clarity Act H.R. 4664, FY 2024 Financial Services and General Government Appropriations bill H.R. 4763, Financial Innovation and Technology for the 21st Century Act H.R. 4766, Clarity for Payment Stablecoins Act of 2023 H.R. 4841, Keep Your Coins Act of 2023 H.R. 5403, CBDC Anti-Surveillance State Act H.R. 5741, Uniform Treatment of Custodial Assets Act H.R. 6307, Creating Legal Accountability for Rogue Innovators and Technology (CLARITY) Act H.R. 6322, End Financing for Hamas and State Sponsors of Terrorism Act H.R. 6572, Deploying American Blockchains Act of 2023 H.R. 7440, Financial Services Innovation Act of 2024 H.R. 9758, Evaluating DeFi Opportunities Act H.J. Res. 109/S.J. Res. 59, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121" S. 293, Fair Access to Banking Act S. 427, Financial Freedom Act of 2023 S. 661, Crypto-Asset Environmental Transparency Act of 2023 S. 695, A bill to repeal the provisions of the Infrastructure Investment and Jobs Act that impose new information reporting requirements with respect to digital asset transfers. S. 1323, Secure and Fair Enforcement (SAFE) Banking Act of 2023 S. 1340, Financial Technology Protection Act of 2023 S. 1357, Responsible Digital Asset Advertising Act of 2023 S. 1671, Digital Consumer Protection Commission Act of 2023 S. 2226, NDAA Amendment - Digital Asset Sanctions Compliance Enhancement Act of 2023, Senate Amendment 326, Senate Amendment 326, and Senate Amendment 1087 to Senate Amendment 935 regarding - Crypto Asset Anti-Money Laundering Examination Standards S. 2281, Lummis-Gillibrand Responsible Financial Innovation Act S. 2355, Crypto-Asset National Security Enhancement and Enforcement Act of 2023 (CANSEE) S. 2669, Digital Asset Anti-Money Laundering Act of 2023 S. 3087, Proving Reserves of Others' Funds (PROOF) Act S. 3441, Terrorism Financing Prevention Act S. 3603, Preventing Illicit Finance Through Partnership Act of 2024 S. 3801, CBDC Anti-Surveillance State Act S. 4155, Lummis-Gillibrand Payment Stablecoin Act S. 4912, Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024 S. 5139, Empowering Main Street in America Act of 2024 S. 5242, Saving Privacy Act

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1122, CBDC Anti-Surveillance State Act H.R. 1747, Blockchain Regulatory Certainty Act H.R. 2743, Fair Access to Banking Act H.R. 2969, Financial Technology Protection Act of 2023 H.R. 4664, FY 2024 Financial Services and General Government Appropriations bill H.R. 4763, Financial Innovation and Technology for the 21st Century Act H.R. 4766, Clarity for Payment Stablecoins Act of 2023 H.R. 4841, Keep Your Coins Act of 2023 H.R. 5403, CBDC Anti-Surveillance State Act H.R. 6307, Creating Legal Accountability for Rogue Innovators and Technology (CLARITY) Act H.R. 6322, End Financing for Hamas and State Sponsors of Terrorism Act H.R. 6572, Deploying American Blockchains Act of 2023 H.R. 7440, Financial Services Innovation Act of 2024 H.R. 8070, Servicemember Quality of Life Improvement and National Defense Authorization Act for Fiscal Year 2025 H.R. 8818, American Privacy Rights Act of 2024 H.J. Res. 109/S.J. Res. 59, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121" S. 293, Fair Access to Banking Act S. 661, Crypto-Asset Environmental Transparency Act of 2023 S. 695, A bill to repeal the provisions of the Infrastructure Investment and Jobs Act that impose new information reporting requirements with respect to digital asset transfers. S. 1340, Financial Technology Protection Act of 2023 S. 1357, Responsible Digital Asset Advertising Act of 2023 S. 1671, Digital Consumer Protection Commission Act of 2023 S. 2226, NDAA Amendment - Digital Asset Sanctions Compliance Enhancement Act of 2023, and Senate Amendment 326, Senate Amendment 326, and Senate Amendment 1087 to Senate Amendment 935 regarding - Crypto Asset Anti-Money Laundering Examination Standards S. 2281, Lummis-Gillibrand Responsible Financial Innovation Act S. 2355, Crypto-Asset National Security Enhancement and Enforcement Act of 2023 (CANSEE) S. 2669, Digital Asset Anti-Money Laundering Act of 2023 S. 3441, Terrorism Financing Prevention Act S. 3603, Preventing Illicit Finance Through Partnership Act of 2024 S. 3801, CBDC Anti-Surveillance State Act S. 4443, Intelligence Authorization Act for Fiscal Year 2025 S. 4638, National Defense Authorization Act for Fiscal Year 2025

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1122, CBDC Anti-Surveillance State Act H.R. 1177, Financial Freedom Act of 2023 H.R. 1414, Keep Innovation in America Act H.R. 1747, Blockchain Regulatory Certainty Act H.R. 2670, National Defense Authorization Act - Amendment 44 H.R. 2743, Fair Access to Banking Act H.R. 2891, Secure and Fair Enforcement (SAFE) Banking Act of 2023 H.R. 2969, Financial Technology Protection Act of 2023 H.R. 3572, Securities Clarity Act H.R. 4664, FY 2024 Financial Services and General Government Appropriations bill H.R. 4763, Financial Innovation and Technology for the 21st Century Act H.R. 4766, Clarity for Payment Stablecoins Act of 2023 H.R. 4841, Keep Your Coins Act of 2023 H.R. 5403, CBDC Anti-Surveillance State Act H.R. 5741, Uniform Treatment of Custodial Assets Act H.R. 6307, Creating Legal Accountability for Rogue Innovators and Technology (CLARITY) Act H.R. 6322, End Financing for Hamas and State Sponsors of Terrorism Act H.R. 6572, Deploying American Blockchains Act of 2023 H.R. 7440, Financial Services Innovation Act of 2024 H.R. 7965, Ransomware and Financial Stability Act of 2024 H.R. 8149, To amend the Internal Revenue Code of 1986 to clarify the tax treatment of digital asset rewards H.R. 8266, Blockchain Integrity Act H.R. 8464, Tokenization Report Act of 2024 H.R. 8818, American Privacy Rights Act of 2024 H.R. 8822, To amend the Internal Revenue Code of 1986 to allow the payment of certain Federal taxes with bitcoin H.R. 9579, Bridging Regulation and Innovation for Digital Global and Electronic (BRIDGE) Digital Assets Act H.J. Res. 109/S.J. Res. 59, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121" S. 293, Fair Access to Banking Act S. 427, Financial Freedom Act of 2023 S. 661, Crypto-Asset Environmental Transparency Act of 2023 S. 695, A bill to repeal the provisions of the Infrastructure Investment and Jobs Act that impose new information reporting requirements with respect to digital asset transfers. S. 1323, Secure and Fair Enforcement (SAFE) Banking Act of 2023 S. 1340, Financial Technology Protection Act of 2023 S. 1357, Responsible Digital Asset Advertising Act of 2023 S. 1671, Digital Consumer Protection Commission Act of 2023 S. 2226, NDAA Amendment - Digital Asset Sanctions Compliance Enhancement Act of 2023, Senate Amendment 326, Senate Amendment 326, and Senate Amendment 1087 to Senate Amendment 935 regarding - Crypto Asset Anti-Money Laundering Examination Standards S. 2281, Lummis-Gillibrand Responsible Financial Innovation Act S. 2355, Crypto-Asset National Security Enhancement and Enforcement Act of 2023 (CANSEE) S. 2669, Digital Asset Anti-Money Laundering Act of 2023 S. 3087, Proving Reserves of Others' Funds (PROOF) Act S. 3441, Terrorism Financing Prevention Act S. 3603, Preventing Illicit Finance Through Partnership Act of 2024 S. 3801, CBDC Anti-Surveillance State Act S. 4155, Lummis-Gillibrand Payment Stablecoin Act S. 4638, National Defense Authorization Act for Fiscal Year 2025 S. 4912, Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024 S. 5139, Empowering Main Street in America Act of 2024 S. 5242, Saving Privacy Act

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1122, CBDC Anti-Surveillance State Act H.R. 1747, Blockchain Regulatory Certainty Act H.R. 2743, Fair Access to Banking Act H.R. 2969, Financial Technology Protection Act of 2023 H.R. 4664, FY 2024 Financial Services and General Government Appropriations bill H.R. 4763, Financial Innovation and Technology for the 21st Century Act H.R. 4766, Clarity for Payment Stablecoins Act of 2023 H.R. 4841, Keep Your Coins Act of 2023 H.R. 5403, CBDC Anti-Surveillance State Act H.R. 6307, Creating Legal Accountability for Rogue Innovators and Technology (CLARITY) Act H.R. 6322, End Financing for Hamas and State Sponsors of Terrorism Act H.R. 6572, Deploying American Blockchains Act of 2023 H.R. 7440, Financial Services Innovation Act of 2024 H.R. 8070, Servicemember Quality of Life Improvement and National Defense Authorization Act for Fiscal Year 2025 H.R. 8818, American Privacy Rights Act of 2024 H.J. Res. 109/S.J. Res. 59, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121" S. 293, Fair Access to Banking Act S. 661, Crypto-Asset Environmental Transparency Act of 2023 S. 695, A bill to repeal the provisions of the Infrastructure Investment and Jobs Act that impose new information reporting requirements with respect to digital asset transfers. S. 1340, Financial Technology Protection Act of 2023 S. 1357, Responsible Digital Asset Advertising Act of 2023 S. 1671, Digital Consumer Protection Commission Act of 2023 S. 2226, NDAA Amendment - Digital Asset Sanctions Compliance Enhancement Act of 2023, and Senate Amendment 326, Senate Amendment 326, and Senate Amendment 1087 to Senate Amendment 935 regarding - Crypto Asset Anti-Money Laundering Examination Standards S. 2281, Lummis-Gillibrand Responsible Financial Innovation Act S. 2355, Crypto-Asset National Security Enhancement and Enforcement Act of 2023 (CANSEE) S. 2669, Digital Asset Anti-Money Laundering Act of 2023 S. 3441, Terrorism Financing Prevention Act S. 3603, Preventing Illicit Finance Through Partnership Act of 2024 S. 3801, CBDC Anti-Surveillance State Act S. 4443, Intelligence Authorization Act for Fiscal Year 2025 S. 4638, National Defense Authorization Act for Fiscal Year 2025

Client expense: Not reported · Firm income: $50,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1122, CBDC Anti-Surveillance State Act H.R. 1747, Blockchain Regulatory Certainty Act H.R. 4664, FY 2024 Financial Services and General Government Appropriations bill H.R. 4766, Clarity for Payment Stablecoins Act of 2023 H.R. 4841, Keep Your Coins Act of 2023 H.R. 5403, CBDC Anti-Surveillance State Act H.R. 6572, Deploying American Blockchains Act of 2023 H.R. 8266, Blockchain Integrity Act H.R. 9579, Bridging Regulation and Innovation for Digital Global and Electronic (BRIDGE) Digital Assets Act S. 695, A bill to repeal the provisions of the Infrastructure Investment and Jobs Act that impose new information reporting requirements with respect to digital asset transfers. S. 2226, NDAA Amendment - Digital Asset Sanctions Compliance Enhancement Act of 2023, Senate Amendment 326, Senate Amendment 326, and Senate Amendment 1087 to Senate Amendment 935 regarding - Crypto Asset Anti-Money Laundering Examination Standards S. 2281, Lummis-Gillibrand Responsible Financial Innovation Act S. 2355, Crypto-Asset National Security Enhancement and Enforcement Act of 2023 (CANSEE) S. 4155, Lummis-Gillibrand Payment Stablecoin Act S. 4638, National Defense Authorization Act for Fiscal Year 2025 S. 5242, Saving Privacy Act

Client expense: Not reported · Firm income: $50,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1122, CBDC Anti-Surveillance State Act H.R. 1177, Financial Freedom Act of 2023 H.R. 1414, Keep Innovation in America Act H.R. 1747, Blockchain Regulatory Certainty Act H.R. 2670, National Defense Authorization Act - Amendment 44 H.R. 2743, Fair Access to Banking Act H.R. 2891, Secure and Fair Enforcement (SAFE) Banking Act of 2023 H.R. 2969, Financial Technology Protection Act of 2023 H.R. 3572, Securities Clarity Act H.R. 4664, FY 2024 Financial Services and General Government Appropriations bill H.R. 4763, Financial Innovation and Technology for the 21st Century Act H.R. 4766, Clarity for Payment Stablecoins Act of 2023 H.R. 4841, Keep Your Coins Act of 2023 H.R. 5403, CBDC Anti-Surveillance State Act H.R. 5741, Uniform Treatment of Custodial Assets Act H.R. 6307, Creating Legal Accountability for Rogue Innovators and Technology (CLARITY) Act H.R. 6322, End Financing for Hamas and State Sponsors of Terrorism Act H.R. 6572, Deploying American Blockchains Act of 2023 H.R. 7440, Financial Services Innovation Act of 2024 H.R. 9758, Evaluating DeFi Opportunities Act H.J. Res. 109/S.J. Res. 59, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121" S. 293, Fair Access to Banking Act S. 427, Financial Freedom Act of 2023 S. 661, Crypto-Asset Environmental Transparency Act of 2023 S. 695, A bill to repeal the provisions of the Infrastructure Investment and Jobs Act that impose new information reporting requirements with respect to digital asset transfers. S. 1323, Secure and Fair Enforcement (SAFE) Banking Act of 2023 S. 1340, Financial Technology Protection Act of 2023 S. 1357, Responsible Digital Asset Advertising Act of 2023 S. 1671, Digital Consumer Protection Commission Act of 2023 S. 2226, NDAA Amendment - Digital Asset Sanctions Compliance Enhancement Act of 2023, Senate Amendment 326, Senate Amendment 326, and Senate Amendment 1087 to Senate Amendment 935 regarding - Crypto Asset Anti-Money Laundering Examination Standards S. 2281, Lummis-Gillibrand Responsible Financial Innovation Act S. 2355, Crypto-Asset National Security Enhancement and Enforcement Act of 2023 (CANSEE) S. 2669, Digital Asset Anti-Money Laundering Act of 2023 S. 3087, Proving Reserves of Others' Funds (PROOF) Act S. 3441, Terrorism Financing Prevention Act S. 3603, Preventing Illicit Finance Through Partnership Act of 2024 S. 3801, CBDC Anti-Surveillance State Act S. 4155, Lummis-Gillibrand Payment Stablecoin Act S. 4912, Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024 S. 5139, Empowering Main Street in America Act of 2024 S. 5242, Saving Privacy Act

Client expense: Not reported · Firm income: $50,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1122, CBDC Anti-Surveillance State Act H.R. 1177, Financial Freedom Act of 2023 H.R. 1414, Keep Innovation in America Act H.R. 1747, Blockchain Regulatory Certainty Act H.R. 2670, National Defense Authorization Act - Amendment 44 H.R. 2743, Fair Access to Banking Act H.R. 2891, Secure and Fair Enforcement (SAFE) Banking Act of 2023 H.R. 2969, Financial Technology Protection Act of 2023 H.R. 3572, Securities Clarity Act H.R. 4664, FY 2024 Financial Services and General Government Appropriations bill H.R. 4763, Financial Innovation and Technology for the 21st Century Act H.R. 4766, Clarity for Payment Stablecoins Act of 2023 H.R. 4841, Keep Your Coins Act of 2023 H.R. 5403, CBDC Anti-Surveillance State Act H.R. 5741, Uniform Treatment of Custodial Assets Act H.R. 6307, Creating Legal Accountability for Rogue Innovators and Technology (CLARITY) Act H.R. 6322, End Financing for Hamas and State Sponsors of Terrorism Act H.R. 6572, Deploying American Blockchains Act of 2023 H.R. 7440, Financial Services Innovation Act of 2024 H.R. 7965, Ransomware and Financial Stability Act of 2024 H.R. 8149, To amend the Internal Revenue Code of 1986 to clarify the tax treatment of digital asset rewards H.R. 8266, Blockchain Integrity Act H.R. 8464, Tokenization Report Act of 2024 H.R. 8818, American Privacy Rights Act of 2024 H.R. 8822, To amend the Internal Revenue Code of 1986 to allow the payment of certain Federal taxes with bitcoin H.R. 9579, Bridging Regulation and Innovation for Digital Global and Electronic (BRIDGE) Digital Assets Act H.J. Res. 109/S.J. Res. 59, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121" S. 293, Fair Access to Banking Act S. 427, Financial Freedom Act of 2023 S. 661, Crypto-Asset Environmental Transparency Act of 2023 S. 695, A bill to repeal the provisions of the Infrastructure Investment and Jobs Act that impose new information reporting requirements with respect to digital asset transfers. S. 1323, Secure and Fair Enforcement (SAFE) Banking Act of 2023 S. 1340, Financial Technology Protection Act of 2023 S. 1357, Responsible Digital Asset Advertising Act of 2023 S. 1671, Digital Consumer Protection Commission Act of 2023 S. 2226, NDAA Amendment - Digital Asset Sanctions Compliance Enhancement Act of 2023, Senate Amendment 326, Senate Amendment 326, and Senate Amendment 1087 to Senate Amendment 935 regarding - Crypto Asset Anti-Money Laundering Examination Standards S. 2281, Lummis-Gillibrand Responsible Financial Innovation Act S. 2355, Crypto-Asset National Security Enhancement and Enforcement Act of 2023 (CANSEE) S. 2669, Digital Asset Anti-Money Laundering Act of 2023 S. 3087, Proving Reserves of Others' Funds (PROOF) Act S. 3441, Terrorism Financing Prevention Act S. 3603, Preventing Illicit Finance Through Partnership Act of 2024 S. 3801, CBDC Anti-Surveillance State Act S. 4155, Lummis-Gillibrand Payment Stablecoin Act S. 4638, National Defense Authorization Act for Fiscal Year 2025 S. 4912, Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024 S. 5139, Empowering Main Street in America Act of 2024 S. 5242, Saving Privacy Act

Client expense: Not reported · Firm income: $50,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to the storage and trading of digital assets; H.R. 4763, the Financial Innovation and Technology for the 21st Century Act; H.R. 4766, the Clarity for Payment Stablecoins Act of 2023.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 4763--Financial Innovation and Technology for the 21st Century Act S. 2281--Responsible Financial Innovation Act H.R. 4766--Clarity for Payment Stablecoins Act S. 4155--the Lummis, Gillibrand Payment Stablecoins Act Issues related to crypto & digital assets including digital assets market structure and Stablecoins legislation Money Market Fund (MMF) regulation H.R. 2627--Increasing Investor Opportunities Act & draft Senate legislation--Retail investor access to alternative investments & private markets H.R.835-Fair Investment Opportunities for Professional Experts Act H.R. 2797--Equal Opportunity for All Investors Act H.R. 1579--Accredited Investor Definition Review Act H.R. 2773--Amends the definition of an accredited investor to include individuals receiving advice from certain professionals Accredited investor reform initiatives H.R. 1807-- Improving Disclosure for Investors Act--E-delivery initiatives H.R. 3063--Retirement Fairness for Charities and Educational Institutions Act and Securing a Strong Retirement Act (SECURE Act) 2.0 implementation and modifications--Retirement security initiatives Legislation and oversight of ESG investing including proxy voting by asset managers Congressional oversight of SEC rulemakings such as mandatory swing pricing, hard close, liquidity risk management proposal, and predictive data analytics H.J.Res. 142 and S.J.Res 79--Congressional oversight of the DOL Fiduciary rule proposal and CRA initiatives to disapprove the rule Basel III proposal and bank capital standards impact on asset managers H.R. 2799--the Expanding Access to Capital Act and draft Senate proposals--Capital formation initiatives SAB-121--Accounting and capital impacts on firms offering / holding crypto assets Retirement savings tax incentives including tax deferral for individuals participating in voluntary, employer provided retirement plans and IRAs. Restrictions on outbound investments to China H.R. 10445--Further Continuing Appropriations and Disaster Relief Supplemental Appropriations Act, 2025--Appropriations and disaster relief supplemental appropriations act.

Client expense: $590,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Digital assets, mobile payments, fraud, data security, data storage, open banking, regulatory reform, tax reporting, payments systems, cyber-security, financial services, merchant cash advances, privacy. FinCEN, Harmonizing CIP products; CFPB proposed rule, Registry of Supervised Nonbanks That Use Form Contracts To Impose Terms and Conditions That Seek To Waive or Limit Consumer Legal Protections; CFPB proposed rule, Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders; White House OSTP RFI, Digital Assets Research and Development. H.R. 1747, "Blockchain Regulatory Certainty Act," H.R. 370, "FinCEN Modernization Act of 2023," H.R. 556, "21st Century Dollar Act," H.R. 8997, "No SmartPay for Anti-2A Companies Act." "H.R. 4192, To apply the Truth in Lending Act to small business financing, and for other purposes," "S. 2021, Small Business Financing Disclosure Act of 2023," "S. 1934, Empowering States' Rights To Protect Consumers Act of 2023," "H.R. 3881, Credit Card Competition Act of 2023," "S. 1838, Credit Card Competition Act of 2023," "S. 1323, SAFE Banking Act of 2023," "H.R. 2891, SAFE Banking Act of 2023." "S. 2281, Lummis-Gillibrand Responsible Financial Innovation Act." "S. 2348,Payments Modernization Act of 2023." "S. 2335, Financial Regulatory Accountability Act of 2023." "S. 2355, Crypto-Asset National Security Enhancement and Enforcement Act of 2023." "H. Res. 604, Expressing support for blockchain technology and digital assets." "H.R. 4766, Clarity for Payment Stablecoins Act of 2023." "H.R. 4763, Financial Innovation and Technology for the 21st Century Act." "S. 2403, Payroll Account Guarantee Act of 2023." "S. 2449, Ensuring Fee-Free Benefit Transactions Act of 2023." "H.R. 4841, Keep Your Coins Act of 2023." "S. 2669, Digital Asset Anti-Money Laundering Act of 2023." "H.R. 5050, Cryptocurrency Accountability Act." "H.R. 5039, Payments Modernization Act of 2023." "H.R. 5032, Cease Orwellian Surveillance and Targeting Act of 2023." "S. 2730, Protecting Consumers from Unreasonable Credit Rates Act of 2023." "S. 2760, Capping Credit Card Interest Rates Act." "H.R. 5403, CBDC Anti-Surveillance State Act." "H.R. 5410, ECASH Act." "H.R. 5447, No Alipay Act of 2023." "H.R. 5472, FinCEN Oversight and Accountability Act of 2023." "H.R. 5485, Financial Privacy Act of 2023." "S. 3538, Close the Shadow Banking Loophole Act." CFPB proposed rule; Section 1033 of Dodd-Frank Act.

Client expense: $410,000 · Firm income: Not reported

Government targets: Consumer Financial Protection Bureau (CFPB), Financial Crimes Enforcement Network (FinCEN), HOUSE OF REPRESENTATIVES, Office of Science & Technology Policy (OSTP), SENATE

Issues related to decentralized finance, decentralized and peer-to-peer economic activities and related assets, digital rights, and decentralized web applications using blockchain and related distributed ledger technologies, including: H.R. 1122, CBDC Anti-Surveillance State Act H.R. 1177, Financial Freedom Act of 2023 H.R. 1414, Keep Innovation in America Act H.R. 1747, Blockchain Regulatory Certainty Act H.R. 2670, National Defense Authorization Act - Amendment 44 H.R. 2743, Fair Access to Banking Act H.R. 2891, Secure and Fair Enforcement (SAFE) Banking Act of 2023 H.R. 2969, Financial Technology Protection Act of 2023 H.R. 3572, Securities Clarity Act H.R. 4664, FY 2024 Financial Services and General Government Appropriations bill H.R. 4763, Financial Innovation and Technology for the 21st Century Act H.R. 4766, Clarity for Payment Stablecoins Act of 2023 H.R. 4841, Keep Your Coins Act of 2023 H.R. 5403, CBDC Anti-Surveillance State Act H.R. 5741, Uniform Treatment of Custodial Assets Act H.R. 6307, Creating Legal Accountability for Rogue Innovators and Technology (CLARITY) Act H.R. 6322, End Financing for Hamas and State Sponsors of Terrorism Act H.R. 6572, Deploying American Blockchains Act of 2023 H.R. 7440, Financial Services Innovation Act of 2024 H.R. 7965, Ransomware and Financial Stability Act of 2024 H.R. 8149, To amend the Internal Revenue Code of 1986 to clarify the tax treatment of digital asset rewards H.R. 8266, Blockchain Integrity Act H.R. 8464, Tokenization Report Act of 2024 H.R. 8818, American Privacy Rights Act of 2024 H.R. 8822, To amend the Internal Revenue Code of 1986 to allow the payment of certain Federal taxes with bitcoin H.R. 9579, Bridging Regulation and Innovation for Digital Global and Electronic (BRIDGE) Digital Assets Act H.J. Res. 109/S.J. Res. 59, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121" S. 293, Fair Access to Banking Act S. 427, Financial Freedom Act of 2023 S. 661, Crypto-Asset Environmental Transparency Act of 2023 S. 695, A bill to repeal the provisions of the Infrastructure Investment and Jobs Act that impose new information reporting requirements with respect to digital asset transfers. S. 1323, Secure and Fair Enforcement (SAFE) Banking Act of 2023 S. 1340, Financial Technology Protection Act of 2023 S. 1357, Responsible Digital Asset Advertising Act of 2023 S. 1671, Digital Consumer Protection Commission Act of 2023 S. 2226, NDAAAmendment - Digital Asset Sanctions Compliance Enhancement Act of 2023, Senate Amendment 326, Senate Amendment 326, and Senate Amendment 1087 to Senate Amendment 935 regarding - Crypto Asset Anti-Money Laundering Examination Standards S. 2281, Lummis-Gillibrand Responsible Financial Innovation Act S. 2355, Crypto-Asset National Security Enhancement and Enforcement Act of 2023 (CANSEE) S. 2669, Digital Asset Anti-Money Laundering Act of 2023 S. 3087, Proving Reserves of Others' Funds (PROOF) Act S. 3441, Terrorism Financing Prevention Act S. 3603, Preventing Illicit Finance Through Partnership Act of 2024 S. 3801, CBDC Anti-Surveillance State Act S. 4155, Lummis-Gillibrand Payment Stablecoin Act S. 4638, National Defense Authorization Act for Fiscal Year 2025 S. 4912, Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024 S. 5139, Empowering Main Street in America Act of 2024 S. 5242, Saving Privacy Act

Client expense: $140,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to decentralized finance, decentralized and peer-to-peer economic activities and related assets, digital rights, and decentralized web applications using blockchain and related distributed ledger technologies, including: H.R. 1122, CBDC Anti-Surveillance State Act H.R. 1177, Financial Freedom Act of 2023 H.R. 1414, Keep Innovation in America Act H.R. 1747, Blockchain Regulatory Certainty Act H.R. 2670, National Defense Authorization Act - Amendment 44 H.R. 2743, Fair Access to Banking Act H.R. 2891, Secure and Fair Enforcement (SAFE) Banking Act of 2023 H.R. 2969, Financial Technology Protection Act of 2023 H.R. 3572, Securities Clarity Act H.R. 4664, FY 2024 Financial Services and General Government Appropriations bill H.R. 4763, Financial Innovation and Technology for the 21st Century Act H.R. 4766, Clarity for Payment Stablecoins Act of 2023 H.R. 4841, Keep Your Coins Act of 2023 H.R. 5403, CBDC Anti-Surveillance State Act H.R. 5741, Uniform Treatment of Custodial Assets Act H.R. 6307, Creating Legal Accountability for Rogue Innovators and Technology (CLARITY) Act H.R. 6322, End Financing for Hamas and State Sponsors of Terrorism Act H.R. 6572, Deploying American Blockchains Act of 2023 H.R. 7440, Financial Services Innovation Act of 2024 H.R. 7965, Ransomware and Financial Stability Act of 2024 H.R. 8149, To amend the Internal Revenue Code of 1986 to clarify the tax treatment of digital asset rewards H.R. 8266, Blockchain Integrity Act H.R. 8464, Tokenization Report Act of 2024 H.R. 8818, American Privacy Rights Act of 2024 H.R. 8822, To amend the Internal Revenue Code of 1986 to allow the payment of certain Federal taxes with bitcoin H.R. 9579, Bridging Regulation and Innovation for Digital Global and Electronic (BRIDGE) Digital Assets Act H.J. Res. 109/S.J. Res. 59, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121" S. 293, Fair Access to Banking Act S. 427, Financial Freedom Act of 2023 S. 661, Crypto-Asset Environmental Transparency Act of 2023 S. 695, A bill to repeal the provisions of the Infrastructure Investment and Jobs Act that impose new information reporting requirements with respect to digital asset transfers. S. 1323, Secure and Fair Enforcement (SAFE) Banking Act of 2023 S. 1340, Financial Technology Protection Act of 2023 S. 1357, Responsible Digital Asset Advertising Act of 2023 S. 1671, Digital Consumer Protection Commission Act of 2023 S. 2226, NDAAAmendment - Digital Asset Sanctions Compliance Enhancement Act of 2023, Senate Amendment 326, Senate Amendment 326, and Senate Amendment 1087 to Senate Amendment 935 regarding - Crypto Asset Anti-Money Laundering Examination Standards S. 2281, Lummis-Gillibrand Responsible Financial Innovation Act S. 2355, Crypto-Asset National Security Enhancement and Enforcement Act of 2023 (CANSEE) S. 2669, Digital Asset Anti-Money Laundering Act of 2023 S. 3087, Proving Reserves of Others' Funds (PROOF) Act S. 3441, Terrorism Financing Prevention Act S. 3603, Preventing Illicit Finance Through Partnership Act of 2024 S. 3801, CBDC Anti-Surveillance State Act S. 4155, Lummis-Gillibrand Payment Stablecoin Act S. 4638, National Defense Authorization Act for Fiscal Year 2025 S. 4912, Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024 S. 5139, Empowering Main Street in America Act of 2024 S. 5242, Saving Privacy Act

Client expense: $140,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to decentralized finance, decentralized and peer-to-peer economic activities and related assets, digital rights, and decentralized web applications using blockchain and related distributed ledger technologies, including: H.R. 1122, CBDC Anti-Surveillance State Act H.R. 1177, Financial Freedom Act of 2023 H.R. 1414, Keep Innovation in America Act H.R. 1747, Blockchain Regulatory Certainty Act H.R. 2670, National Defense Authorization Act - Amendment 44 H.R. 2743, Fair Access to Banking Act H.R. 2891, Secure and Fair Enforcement (SAFE) Banking Act of 2023 H.R. 2969, Financial Technology Protection Act of 2023 H.R. 3572, Securities Clarity Act H.R. 4664, FY 2024 Financial Services and General Government Appropriations bill H.R. 4763, Financial Innovation and Technology for the 21st Century Act H.R. 4766, Clarity for Payment Stablecoins Act of 2023 H.R. 4841, Keep Your Coins Act of 2023 H.R. 5403, CBDC Anti-Surveillance State Act H.R. 5741, Uniform Treatment of Custodial Assets Act H.R. 6307, Creating Legal Accountability for Rogue Innovators and Technology (CLARITY) Act H.R. 6322, End Financing for Hamas and State Sponsors of Terrorism Act H.R. 6572, Deploying American Blockchains Act of 2023 H.R. 7440, Financial Services Innovation Act of 2024 H.R. 7965, Ransomware and Financial Stability Act of 2024 H.R. 8149, To amend the Internal Revenue Code of 1986 to clarify the tax treatment of digital asset rewards H.R. 8266, Blockchain Integrity Act H.R. 8464, Tokenization Report Act of 2024 H.R. 8818, American Privacy Rights Act of 2024 H.R. 8822, To amend the Internal Revenue Code of 1986 to allow the payment of certain Federal taxes with bitcoin H.R. 9579, Bridging Regulation and Innovation for Digital Global and Electronic (BRIDGE) Digital Assets Act H.J. Res. 109/S.J. Res. 59, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121" S. 293, Fair Access to Banking Act S. 427, Financial Freedom Act of 2023 S. 661, Crypto-Asset Environmental Transparency Act of 2023 S. 695, A bill to repeal the provisions of the Infrastructure Investment and Jobs Act that impose new information reporting requirements with respect to digital asset transfers. S. 1323, Secure and Fair Enforcement (SAFE) Banking Act of 2023 S. 1340, Financial Technology Protection Act of 2023 S. 1357, Responsible Digital Asset Advertising Act of 2023 S. 1671, Digital Consumer Protection Commission Act of 2023 S. 2226, NDAAAmendment - Digital Asset Sanctions Compliance Enhancement Act of 2023, Senate Amendment 326, Senate Amendment 326, and Senate Amendment 1087 to Senate Amendment 935 regarding - Crypto Asset Anti-Money Laundering Examination Standards S. 2281, Lummis-Gillibrand Responsible Financial Innovation Act S. 2355, Crypto-Asset National Security Enhancement and Enforcement Act of 2023 (CANSEE) S. 2669, Digital Asset Anti-Money Laundering Act of 2023 S. 3087, Proving Reserves of Others' Funds (PROOF) Act S. 3441, Terrorism Financing Prevention Act S. 3603, Preventing Illicit Finance Through Partnership Act of 2024 S. 3801, CBDC Anti-Surveillance State Act S. 4155, Lummis-Gillibrand Payment Stablecoin Act S. 4638, National Defense Authorization Act for Fiscal Year 2025 S. 4912, Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024 S. 5139, Empowering Main Street in America Act of 2024 S. 5242, Saving Privacy Act

Client expense: $140,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to decentralized finance, decentralized and peer-to-peer economic activities and related assets, digital rights, and decentralized web applications using blockchain and related distributed ledger technologies, including: H.R. 1122, CBDC Anti-Surveillance State Act H.R. 1177, Financial Freedom Act of 2023 H.R. 1414, Keep Innovation in America Act H.R. 1747, Blockchain Regulatory Certainty Act H.R. 2670, National Defense Authorization Act - Amendment 44 H.R. 2743, Fair Access to Banking Act H.R. 2891, Secure and Fair Enforcement (SAFE) Banking Act of 2023 H.R. 2969, Financial Technology Protection Act of 2023 H.R. 3572, Securities Clarity Act H.R. 4664, FY 2024 Financial Services and General Government Appropriations bill H.R. 4763, Financial Innovation and Technology for the 21st Century Act H.R. 4766, Clarity for Payment Stablecoins Act of 2023 H.R. 4841, Keep Your Coins Act of 2023 H.R. 5403, CBDC Anti-Surveillance State Act H.R. 5741, Uniform Treatment of Custodial Assets Act H.R. 6307, Creating Legal Accountability for Rogue Innovators and Technology (CLARITY) Act H.R. 6322, End Financing for Hamas and State Sponsors of Terrorism Act H.R. 6572, Deploying American Blockchains Act of 2023 H.R. 7440, Financial Services Innovation Act of 2024 H.R. 9758, Evaluating DeFi Opportunities Act H.J. Res. 109/S.J. Res. 59, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121" S. 293, Fair Access to Banking Act S. 427, Financial Freedom Act of 2023 S. 661, Crypto-Asset Environmental Transparency Act of 2023 S. 695, A bill to repeal the provisions of the Infrastructure Investment and Jobs Act that impose new information reporting requirements with respect to digital asset transfers. S. 1323, Secure and Fair Enforcement (SAFE) Banking Act of 2023 S. 1340, Financial Technology Protection Act of 2023 S. 1357, Responsible Digital Asset Advertising Act of 2023 S. 1671, Digital Consumer Protection Commission Act of 2023 S. 2226, NDAAAmendment - Digital Asset Sanctions Compliance Enhancement Act of 2023, Senate Amendment 326, Senate Amendment 326, and Senate Amendment 1087 to Senate Amendment 935 regarding - Crypto Asset Anti-Money Laundering Examination Standards S. 2281, Lummis-Gillibrand Responsible Financial Innovation Act S. 2355, Crypto-Asset National Security Enhancement and Enforcement Act of 2023 (CANSEE) S. 2669, Digital Asset Anti-Money Laundering Act of 2023 S. 3087, Proving Reserves of Others' Funds (PROOF) Act S. 3441, Terrorism Financing Prevention Act S. 3603, Preventing Illicit Finance Through Partnership Act of 2024 S. 3801, CBDC Anti-Surveillance State Act S. 4155, Lummis-Gillibrand Payment Stablecoin Act S. 4912, Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024 S. 5139, Empowering Main Street in America Act of 2024 S. 5242, Saving Privacy Act

Client expense: $140,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Bank On Certification Program Central Bank Digital Currency Cryptocurrency Deposit Insurance Reform Digital Assets Bank Capital Requirements/Basel Capital Proposal Postal Banking S.1323 & H.R.2891, Secure and Fair Enforcement (SAFE) Banking Act of 2023 H.R.4177 & S.2007, Improving Corporate Governance Through Diversity Act of 2023 H.R.2547, Comprehensive Debt Collection Improvement Act S.3937 & H.R.758, Promoting Access to Capital in Underbanked Communities Act of 2023 H.R. 1533 & S. 2252, Promoting New and Diverse Depository Institutions Act Emergency Capital Investment Issues for CDFI and MDI Institutions H.R.7351, To amend the Consumer Financial Protection Act of 2010 to provide for the supervision of non-depository persons offering or making small business loans, and for other purposes S. 2677, Stop Overdraft Profiteering Act of 2021 S. 4356, Responsible Financial Innovation Act The impact of Environmental, Social and Governance guidance and regulatory proposals on banking UDAAP Supervisory Policies and Adjudication Procedures Community Reinvestment Act Final Rule Applying Community Reinvestment Act to credit unions S.1838 & H.R.3881 Credit Card Competition Act of 2023 S.4760, Digital Commodities Consumer Protection Act of 2022 Merchant Category Codes S.1790, Failed Bank Executives Clawback Act S.293 & H.R.2743, Fair Access to Banking Act H.R.2799, Expanding Access to Capital Act of 2023 H.R.2603, To require the Securities and Exchange Commission to revise certain thresholds related to smaller reporting companies, accelerated filers, and large accelerated filers, and for other purposes H.R.2798, Consumer Financial Protection Bureau Transparency and Accountability Reform Act H.R.1382, TABS Act of 2023 H.R.1411, Consumer Financial Protection Bureau-Inspector General Reform Act H.R.2489, the Consumer Financial Protection Bureau Dual Mandate and Economic Analysis Act H.R.1313, the Transparency in Consumer Financial Protection Bureau Cost-Benefit Analysis Act H.R.1719, Making the Consumer Financial Protection Bureau Accountable to Small Business Act S.1362, the Transparency in Consumer Financial Protection Bureau Cost-Benefit Analysis Act H.R.490, Federal Infrastructure Bank Act of 2023 H.R.4868, Member Business Loan Expansion Act H.R.4035, Protecting Small Business Information Act of 2023 S.2760, Capping Credit Card Interest Rates Act H.R.5485, Financial Privacy Act of 2023 H.R.5524, Foreign Affiliate Sharing Pilot Program H.R.5403, Central Bank Digital Currency Anti-Surveillance Act H.R.5741, Uniform Treatment of Custodial Assets Act S.2860, Secure and Fair Enforcement Regulation (SAFER) Banking Act H.R.4763, Financial Innovation and Technology for the 21st Century Act H.R.4766, Clarity for Payment Stablecoins Act of 2023 S.2190, Recovering Executive Compensation Obtained Through Unaccountable Practices (RECOUP) Act of 2023 S.2251, Federal Information Security Modernization Act H.R.3398, Safe Access to Cash Act of 2023 S.3549, the Predatory Lending Elimination Act H.R.6789, Rectifying UDAAP Act H.R.1810, Bank Loan Privacy Act H.R.1806/S.1159, Small Lender Act H.R.4346, Small Bank Holding Company Relief Act of 2023 H.R.4198, Protecting Consumers from Abusive Mortgage Leads Act Regulation II: Debit Card Interchange Fees and Routing Implementation of Dodd-Frank Act Section 1033: Final Rule on Personal Financial Data Rights Merger and Acquisition Policy S.3554, Financial Artificial Intelligence Risk Reduction Act Artificial Intelligence Risk Management, Regulation, and Innovation CDFI Certification Update H.R.7531 & S.4570, Secure Payments Act of 2024 H.R.7437, Fostering Use of Technology to Uphold Regulatory Effectiveness in Supervision Act (FUTURES Act) H.R.4206, Bank Safety Act H.J.Res.122 & S.J.Res.70, Providing for Congressional disapproval under Chapter 8 of Title 5, U.S. Code, of the rule submitted by the Consumer Financial Protection Bureau related to Credit Card Penalty Fees (Reg Z) Notice of Proposed Rulemaking for Debit Card Interchange Fees and Routing (Reg II) Department of Labor Fiduciary Rule H.J.Res.140, 141, 142, and 143-Congressional Review Act Resolutions of Disapproval of the Department of Labor Fiduciary Rule S.J.Res.79, Congressional Review Act Resolution of Disapproval of the Department of Labor Fiduciary Rule Federal Reserve Discount Window and Emergency Lending Authority Guidelines for Establishing Standards for Corporate Governance and Risk Management for Covered Institutions with Total Consolidated Assets of $10 Billion or More CFPB Larger Participant of a Market for General-Use Digital Consumer Payment Applications H.R.8337, Bank Resilience and Regulatory Improvement Act H.R.8338, Clarity in Lending Act H.R.8288, Bringing the Discount Window into the 21st Century Act H.R.8287, Stress Testing Accountability and Transparency Act H.R.8264, Bank Supervision Appeals Improvement Act of 2024 H.R.8356, Small Dollar Loan Certainty Act H.R.7403, Bank Failure Prevention Act of 2024H.R.7437, Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision (FUTURES) Act H.R.4206, Bank Safety Act Tokenization of Assets Fraud Issues Peer-To-Peer Payment Fraud FDIC Proposed Guidelines for Corporate Governance and Risk Management for Banks Over $10 Billion in Assets Pilot program allowing Freddie Mac to purchase single family closed-end second mortgages National Bank Act & Defending Dual Banking System S. 4943/H.R. 9303 Protecting Consumers From Payment Scams Act Financial Data Transparency Act Rulemaking FDIC Brokered Deposit Proposal H.R.7420 Ensuring Diversity in Community Banking Act CFPB Overdraft Rule H.R. 4212/S. 1938, Middle Class Mortgage Insurance Premium Act

Client expense: $1,570,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

Issues related to decentralized finance, decentralized and peer-to-peer economic activities and related assets, digital rights, and decentralized web applications using blockchain and related distributed ledger technologies, including: H.R. 4841 Keep Your Coins Act of 2023 H.R. 1122 CBDC Anti-Surveillance State Act S. 695 A bill to repeal the provisions of the Infrastructure Investment and Jobs Act that impose new information reporting requirements with respect to digital asset transfers. H.R. 5403/ S. 1357 Responsible Digital Asset Advertising Act of 2023 H.R. 4766 Clarity for Payment Stablecoins Act of 2023 S.2281 Lummis-Gillibrand Responsible Financial Innovation Act S .Amdt.326 to S. 2226 NDAA Amendment - Digital Asset Sanctions Compliance Enhancement Act of 2023 S.2355 Crypto-Asset National Security Enhancement and Enforcement Act of 2023 (CANSEE) S. 2226 - Amdt. 1087 to Amdt.935 (NDAA Manager's Amdt.) NDAA Amendment - Crypto Asset Anti-Money Laundering Examination Standards H.R. 6572 Deploying American Blockchains Act S. 4155 Lummis-Gillibrand Payment Stablecoin Act H.R. 8266 Blockchain Integrity Act S. 4638 National Defense Authorization Act for Fiscal Year 2025 H.R. 9579 Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets Act (BRIDGE Digital Assets Act) S. 5242 Saving Privacy Act H.R. 9758 Evaluating DeFi Opportunities Act

Client expense: $500,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to decentralized finance, decentralized and peer-to-peer economic activities and related assets, digital rights, and decentralized web applications using blockchain and related distributed ledger technologies, including: H.R. 1414, Keep Innovation in America Act S. 661, Crypto-Asset Environmental Transparency Act of 2023 H.R. 1747, Blockchain Regulatory Certainty Act H.R. 2670, National Defense Authorization Act - Amendment 44 S. 3801, CBDC Anti-Surveillance State Act H.R. 2969 Financial Technology Protection Act of 2023 S. 1340 Financial Technology Protection Act of 2023 H.R. 4841 Keep Your Coins Act of 2023 H.R. 1122 CBDC Anti-Surveillance State Act S. 695 A bill to repeal the provisions of the Infrastructure Investment and Jobs Act that impose new information reporting requirements with respect todigital asset transfers. H.R. 5403/ S. 1357 Responsible Digital Asset Advertising Act of 2023 S. 2669 Digital Asset Anti-Money Laundering Act of 2023 H.R. 2743 Fair Access to Banking Act S. 293 Fair Access to Banking Act H.R. 4766 Clarity for Payment Stablecoins Act of 2023 S.2281 Lummis-Gillibrand Responsible Financial Innovation Act H.R. 1177 Financial Freedom Act of 2023 S. 427 Financial Freedom Act of 2023 S. 1323 Secure and Fair Enforcement (SAFE) Banking Act of 2023 H.R. 2891 Secure and Fair Enforcement (SAFE) Banking Act of 2023 H.R. 3572 Securities Clarity Act H.R. 4763 Financial Innovation and Technology for the 21st Century Act H.R. 4664 FY 2024 Financial Services and General Government Appropriations bill H.R. 2670 National Defense Authorization Act - Amendment 44 S .Amdt.326 to S. 2226 NDAA Amendment - Digital Asset Sanctions Compliance Enhancement Act of 2023 S.2355 Crypto-Asset National Security Enhancement and Enforcement Act of 2023 (CANSEE) S. 2226 - Amdt. 1087 to Amdt.935 (NDAA Manager's Amdt.) NDAA Amendment - Crypto Asset Anti-Money Laundering Examination Standards S.1671 Digital Consumer Protection Commission Act of 2023 H.R. 5741 Uniform Treatment of Custodial Assets Act S. 3087 Proving Reserves of Others' Funds (PROOF) Act H.R. 6307 Creating Legal Accountability for Rogue Innovators and Technology (CLARITY) Act H.R. 6322 End Financing for Hamas and State Sponsors of Terrorism Act H.R. 6572 Deploying American Blockchains Act S. 3441 Terrorism Financing Prevention Act H.R. 7440 Financial Services Innovation Act of 2024 S. 3603 Preventing Illicit Finance Through Partnership Act of 2024 H.J.Res. 109/ S.J.Res. 59 Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by theSecurities and Exchange Commission relating to "Staff Accounting Bulletin No. 121" S. 3801 CBDC Anti-Surveillance State Act H.R. 8149 To amend the Internal Revenue Code of 1986 to clarify the tax treatment of digital asset rewards. H.R. 8818 American Privacy Rights of 2024 S. 4155 Lummis-Gillibrand Payment Stablecoin Act H.R. 8266 Blockchain Integrity Act H.R. 8464 Tokenization Report Act of 2024 H.R. 8070 Service member Quality of Life Improvement and National Defense Authorization Act for Fiscal Year 2025 H.R. 7965 Ransomware and Financial Stability Act S. 4443 Terrorism Financing Prevention Act (TFPA) S. 4638 National Defense Authorization Act for Fiscal Year 2025 H.R. 8822 To amend the Internal Revenue Code of 1986 to allow the payment of certain Federal taxes with bitcoin. S. 4912 Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024 H.R. 9579 Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets Act (BRIDGE Digital Assets Act) S. 5139 Empowering Main Street in America Act S. 5242 Saving Privacy Act H.R. 9758 Evaluating DeFi Opportunities Act

Client expense: $500,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to decentralized fi nance, decentralized and peer-to-peer economic activities and related assets, digital rights, and decentralized web applications using blockchain and related distributed ledger technologies, including: S. 661, Crypto-Asset Environmental Transparency Act of 2023 H.R. 1747, Blockchain Regulatory Certainty Act H.R. 2969 Financial Technology Protection Act of 2023 S. 1340 Financial Technology Protection Act of 2023 H.R. 4841 Keep Your Coins Act of 2023 H.R. 1122 CBDC Anti-Surveillance State Act S. 695 A bill to repeal the provisions of the Infrastructure Investment and Jobs Act that impose new information reporting requirements with respect to digital asset transfers. H.R. 5403/ S. 1357 Responsible Digital Asset Advertising Act of 2023 S. 2669 Digital Asset Anti-Money Laundering Act of 2023 H.R. 2743 Fair Access to Banking Act S. 293 Fair Access to Banking Act H.R. 4766 Clarity for Payment Stablecoins Act of 2023 S.2281 Lummis-Gillibrand Responsible Financial Innovation Act H.R. 4763 Financial Innovation and Technology for the 21st Century Act H.R. 4664 FY 2024 Financial Services and General Government Appropriations bill S .Amdt.326 to S. 2226 NDAA Amendment - Digital Asset Sanctions Compliance Enhancement Act of 2023 S.2355 Crypto-Asset National Security Enhancement and Enforcement Act of 2023 (CANSEE) S. 2226 - Amdt. 1087 to Amdt.935 (NDAA Manager's Amdt.) NDAA Amendment - Crypto Asset Anti-Money Laundering Examination Standards S.1671 Digital Consumer Protection Commission Act of 2023 H.R. 6307 Creating Legal Accountability for Rogue Innovators and Technology (CLARITY) Act H.R. 6322 End Financing for Hamas and State Sponsors of Terrorism Act H.R. 6572 Deploying American Blockchains Act S. 3441 Terrorism Financing Prevention Act H.R. 7440 Financial Services Innovation Act of 2024 S. 3603 Preventing Illicit Finance Through Partnership Act of 2024 H.J.Res. 109/ S.J.Res. 59 Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121" S. 3801 CBDC Anti-Surveillance State Act H.R. 8818 American Privacy Rights of 2024 H.R. 8070 Service member Quality of Life Improvement and National Defense Authorization Act for Fiscal Year 2025 S. 4443 Terrorism Financing Prevention Act (TFPA) S. 4638 National Defense Authorization Act for Fiscal Year 2025 S. 5242 Saving Privacy Act

Client expense: $500,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to decentralized finance, decentralized and peer-to-peer economic activities and related assets, digital rights, and decentralized web applications using blockchain and related distributed ledger technologies, including: H.R. 1414, Keep Innovation in America Act S. 661, Crypto-Asset Environmental Transparency Act of 2023 H.R. 1747, Blockchain Regulatory Certainty Act H.R. 2969 Financial Technology Protection Act of 2023 S. 1340 Financial Technology Protection Act of 2023 H.R. 4841 Keep Your Coins Act of 2023 H.R. 1122 CBDC Anti-Surveillance State Act S. 695 A bill to repeal the provisions of the Infrastructure Investment and Jobs Act that impose new information reporting requirements with respect to digital asset transfers. H.R. 5403/ S. 1357 Responsible Digital Asset Advertising Act of 2023 S. 2669 Digital Asset Anti-Money Laundering Act of 2023 H.R. 2743 Fair Access to Banking Act S. 293 Fair Access to Banking Act H.R. 4766 Clarity for Payment Stablecoins Act of 2023 S.2281 Lummis-Gillibrand Responsible Financial Innovation Act H.R. 1177 Financial Freedom Act of 2023 S. 427 Financial Freedom Act of 2023 S. 1323 Secure and Fair Enforcement (SAFE) Banking Act of 2023 H.R. 2891 Secure and Fair Enforcement (SAFE) Banking Act of 2023 H.R. 3572 Securities Clarity Act H.R. 4763 Financial Innovation and Technology for the 21st Century Act H.R. 4664 FY 2024 Financial Services and General Government Appropriations bill H.R. 2670 National Defense Authorization Act - Amendment 44 S .Amdt.326 to S. 2226 NDAA Amendment - Digital Asset Sanctions Compliance Enhancement Act of 2023 S.2355 Crypto-Asset National Security Enhancement and Enforcement Act of 2023 (CANSEE) S. 2226 - Amdt. 1087 to Amdt.935 (NDAA Manager's Amdt.) NDAA Amendment - Crypto Asset Anti-Money Laundering Examination Standards S.1671 Digital Consumer Protection Commission Act of 2023 H.R. 5741 Uniform Treatment of Custodial Assets Act S. 3087 Proving Reserves of Others' Funds (PROOF) Act H.R. 6307 Creating Legal Accountability for Rogue Innovators and Technology (CLARITY) Act H.R. 6322 End Financing for Hamas and State Sponsors of Terrorism Act H.R. 6572 Deploying American Blockchains Act S. 3441 Terrorism Financing Prevention Act H.R. 7440 Financial Services Innovation Act of 2024 S. 3603 Preventing Illicit Finance Through Partnership Act of 2024 H.J.Res. 109/ S.J.Res. 59 Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121" S. 3801 CBDC Anti-Surveillance State Act S. 4155 Lummis-Gillibrand Payment Stablecoin Act H.R. 8070 Service member Quality of Life Improvement and National Defense Authorization Act for Fiscal Year 2025 S. 4638 National Defense Authorization Act for Fiscal Year 2025 H.R. 8822 To amend the Internal Revenue Code of 1986 to allow the payment of certain Federal taxes with bitcoin. S. 4912 Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024 S. 5139 Empowering Main Street in America Act S. 5242 Saving Privacy Act H.R. 9758 Evaluating DeFi Opportunities Act

Client expense: $500,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Digital asset and cryptocurrency education H.R. 4766 Clarity for Payment Stablecoins Act of 2023 H.R. 4763 Financial Innovation and Technology for the 21st Century Act ("FIT for the 21st Century Act") H.R. 3572 Securities Clarity Act H.R. 2969 Financial Technology Protection Act of 2023 H.R. 1747 Blockchain Regulatory Certainty Act H.R. 1414 Keep Innovation in America Act S. 1340 (Companion to H.R. 2969) Financial Technology Protection Act of 2023 S. 2281 Lummis-Gillibrand Responsible Financial Innovation Act S. 2355 Crypto-Asset National Security Enhancement and Enforcement Act S. 2669 Digital Asset Anti-Money Laundering Act of 2023

Client expense: $130,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Digital asset and cryptocurrency education H.R. 4766 Clarity for Payment Stablecoins Act of 2023 H.R. 4763 Financial Innovation and Technology for the 21st Century Act ("FIT for the 21st Century Act") H.R. 3572 Securities Clarity Act H.R. 2969 Financial Technology Protection Act of 2023 H.R. 1747 Blockchain Regulatory Certainty Act H.R. 1414 Keep Innovation in America Act S. 1340 (Companion to H.R. 2969) Financial Technology Protection Act of 2023 S. 2281 Lummis-Gillibrand Responsible Financial Innovation Act S. 2355 Crypto-Asset National Security Enhancement and Enforcement Act S. 2669 Digital Asset Anti-Money Laundering Act of 2023

Client expense: $130,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Digital asset and cryptocurrency education H.R. 4766 Clarity for Payment Stablecoins Act of 2023 H.R. 4763 Financial Innovation and Technology for the 21st Century Act ("FIT for the 21st Century Act") H.R. 3572 Securities Clarity Act H.R. 2969 Financial Technology Protection Act of 2023 H.R. 1747 Blockchain Regulatory Certainty Act H.R. 1414 Keep Innovation in America Act S. 1340 (Companion to H.R. 2969) Financial Technology Protection Act of 2023 S. 2281 Lummis-Gillibrand Responsible Financial Innovation Act S. 2355 Crypto-Asset National Security Enhancement and Enforcement Act S. 2669 Digital Asset Anti-Money Laundering Act of 2023

Client expense: $130,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Digital asset and cryptocurrency education H.R. 4766 Clarity for Payment Stablecoins Act of 2023 H.R. 4763 Financial Innovation and Technology for the 21st Century Act ("FIT for the 21st Century Act") H.R. 3572 Securities Clarity Act H.R. 2969 Financial Technology Protection Act of 2023 H.R. 1747 Blockchain Regulatory Certainty Act H.R. 1414 Keep Innovation in America Act S. 1340 (Companion to H.R. 2969) Financial Technology Protection Act of 2023 S. 2281 Lummis-Gillibrand Responsible Financial Innovation Act S. 2355 Crypto-Asset National Security Enhancement and Enforcement Act S. 2669 Digital Asset Anti-Money Laundering Act of 2023

Client expense: $130,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

HR 4766, Clarity for Payment Stablecoins Act of 2023; all provisions. HR 4763, Financial Innovation and Technology for the 21st Century Act; all provisions. General issues related to SEC regulatory proposals related to market structure. General issues related to outbound investments in China.

Client expense: $240,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues relating to digital payments including cost of acceptance, interchange, payment security, and data & cybersecurity. Issues relating to fraud & ID theft. Issues relating to digital transformation, the deployment of tokenization, EMV technology and other payments innovations. Issues relating to S.1838/H.R.3881, the Credit Card Competition Act; H.R.4366, the Consolidated Appropriations Act, P.L.118-42; and H.R.2882, the Further Consolidated Appropriations Act, P.L.118-47. Issues relating to H.R. 1165, the Data Privacy Act. Issues relating to H.R. 4766, the Clarity for Payment Stablecoins Act Issues relating to interchange fees on electronic payments. Issues relating to payment card security, and data security. Issues relating to privacy and data use. Issues relating to stablecoin regulation. Issues relating to Merchant Category Codes. Issues relating to financial literacy and diversity and inclusion/racial equity.

Client expense: $2,010,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 4766 - Clarity for Payment Stablecoins Act of 2023: issues related to treatment of custody activities (Section 12 (b)). S. 2281 - Lummis-Gillibrand Responsible Financial Innovation Act: issues related to custody assets maintenance off-balance sheet (Section 705 (e)). H.R. 4763 - Financial Innovation and Technology for the 21st Century Act: issues related to treatment of custody activities by banking institutions (Section 411).

Client expense: $130,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to the U.S. financial services transaction and payment processing industry. Issues related to the Congressional FinTech and Payments Caucus. Issues related to the Senate Payments Innovation Caucus. Issues related to the House FinTech Task Force. Issues related to privacy and data breach notification. Issues related to FedNow and faster payments. Issues related to financial inclusion and the unbanked and underbanked. Issues related to Central Bank Digital Currencies (CBDC), stablecoins, and digital assets. Issues related to H.R. 1165, the Data Privacy Act of 2023. Issues related to the implementation of H.R. 4346, the Chips and Science Act. Issues related to the creation of a Merchant Category Code (MCC). Issues related to artificial intelligence and payments. Issues related to H.R. 2891 / S. 1323, the Secure And Fair Enforcement (SAFE) Banking Act of 2023. Issues related to H.R. 4763, the Financial Innovation and Technology for the 21st Century Act. Issues related to H.R. 4766, the Clarity for Payment Stablecoins Act of 2023. Issues related to the S. 5242, the Saving Privacy Act.

Client expense: Not reported · Firm income: $40,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Development of a legislative framework for stablecoins, including H.R. 4766, the Clarity for Payment Stablecoins Act of 2023; Increasing the regulatory clarity pertaining to crypto assets and crypto facilities, including H.R. 4763, Financial Innovation and Technology for the 21st Century Act; Illicit finance and KYC/AML matters, including S. 2355, Crypto-Asset National Security Enhancement and Enforcement (CANSEE) Act and S. 2669, Digital Asset Anti-Money Laundering Act of 2023; Senate discussion draft - Ensuring Necessary Financial Oversight and Reporting of Cryptocurrency Ecosystems (ENFORCE) Act; Senate discussion draft - Digital Commodities Consumer Protection Act of 2024; Federal blockchain and distributed ledger technology research activities; Cryptocurrency and application of blockchain and distributed ledger technology to financial services; CFTC regulation of digital assets; Crypto exchanges; Consumer protection issues

Client expense: $20,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

Educate policymakers on Circles business model. Educate Members of Congress on stablecoin and cryptocurrency issues and legislation, including H.R.4763, the Financial Innovation and Technology for the 21st Century Act; H.R. 4766, the Clarity for Payment Stablecoins Act of 2023, and S.2281, the Lummis-Gillibrand Responsible Financial Innovation Act.; and anti-money laundering legislation, including S.2355, the Crypto-Asset National Security Enhancement and Enforcement Act, S.266, the Digital Asset Anti Money Laundering Act, S.5003, the VALOR Act. Monitor cryptocurrency proposals.

Client expense: Not reported · Firm income: $110,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Wall Street Reform and Consumer Protection Act (Dodd-Frank, PL 111-203), Title II: Issues related to orderly liquidation authority and Title VIII Payment Clearing and Settlement Supervision; Issues related to the regulation of systemically important financial market utilities; Issues related to Crypto Spot Market Regulation; H.R.4766 - Clarity for Payment Stablecoins Act of 2023, all issues; H.R.5234 - Risk Management for Derivatives Clearing Organizations Act, all issues; Issues related to Basel III Bank Capital Standards; Issues related to the Clearing of US Treasury futures.

Client expense: $540,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Equity market structure and trading regulation; systemic risk legislation, including the relevant provisions of H.R.3812, the Financial Stability Oversight Council Improvement Act of 2023; systemic risk regulation; e-delivery, including the relevant provisions of H.R.1807 and S.3815, the Improving Disclosure for Investors Act of 2024; digital assets, including the relevant provisions of H.R.4763, the Financial Innovation and Technology for the 21st Century Act and H.R.4766, the Clarity for Payment Stablecoins Act of 2023; open-end fund liquidity proposal; predictive data analytics proposal.

Client expense: $500,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

H.R. 1807, the Improving Disclosure for Investors Act of 2023; H.R. 1837, the Investing in Our Communities Act; H.R. 2590, Unlocking Capital for Small Business Act; H.R. 2627 - Increasing Investor Opportunities Act (closed-end fund bill); H.R. 2799, Expanding Access to Capital Act of 2023; H.R. 3063, Retirement Fairness for Charities and Education Institutions Act; H.R. 4237, Ensuring Sound Guidance Act; HR 4551, the "Protecting Investors Personally Identifiable Information Act"; H.R. 4763, the Financial Innovation and Technology for the 21st Century Act; H.R.4766, Clarity for Payment Stablecoins Act of 2023; H.R. 4767, Protecting American's Retirement Savings from Politics Act; H.R. 5009, Servicemember Quality of Life Improvement and National Defense Authorization Act for Fiscal Year 2025; H.R. 8339, the "SEC Reform and Restructure Act; H.R. 8773, FY 2025 Financial Services and General Government Appropriations Bill (3 provisions in the FSGG Bill Report pertaining to the SEC: PDA rule withdrawal, economic analysis enhancement, sensible implementation); H. J. Res 142, Providing for congressional disapproval of the Department of Labor fiduciary rule; S.2678 - Outbound Investment Transparency Act of 2023; S. 3815 - the Improving Disclosure for Investors Act of 2024; S. 4628, National Defense Authorization Act for Fiscal Year 2025 (China-related provisions); S. 4760, Digital Commodities Consumer Protection Act of 2022; S. 4917 - Retirement Fairness for Charities and Educational Institutions Act of 2024; S.5139 - A bill to amend the Securities Act of 1933 to address emerging growth companies, and for other purposes (the Empowering Main Street in America Act); H.R. ___, To codify the special purpose broker dealer, and for other purposes; Prudential agency (Federal Reserve, OCC and FDIC) proposal to implement the Basel Endgame reforms in the U.S. and congressional (U.S. House and Senate) oversight of the same, including revisions to the trading book capital rules, stress testing, capital surcharges and buffers; President Biden Executive Order 14105, Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern; SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing proposed rule; SEC Staff Accounting Bulletin 121; SEC Security-based Swaps Large Position Reporting proposed rule; SEC proposed rule regarding the safeguarding of client assets (custody proposal); SEC proposed rule on Predictive Data Analytics; SEC proposals to modify equity market structure; SEC final rule related to clearing of U.S. Treasury securities; SEC proposed rule to address Volume-Based Exchange Transaction Pricing for NMS Stocks; Senator Stabenow's Discussion Draft cryptocurrency legislation; SEC CAT Fee filings by the SROs; SEC approval of SROs rules limiting exchange liability; CFPB enforcement action relating to the National Collegiate Student Loan Trusts; FDIC Brokered Deposit Proposal; FDIC Proposal to amend change in Bank Control Action Regulations; H.R. __, Comprehensive Outbound Investment National Security Coins Act of 2024; U.S. Treasury Departments Final Rule, Provisions Pertaining to U.S. Investments in Certain National Security Technologies and Products in Countries of Concern; SEC No-Action Relief for SEC Rule 15c2-11; Federal Reserve Proposal to revise its stress testing process; Congressman Fitzgerald's discussion draft GSE Reform legislation; SEC proposal on short sale reporting/13f-2 extension; Sovereign Debt restructuring proposals.

Client expense: $2,990,000 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Natl Economic Council (NEC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Issues related to interchange, cost of acceptance, debit interchange price controls, and routing mandates for credit cards. S.1838 and H.R.3881 Issues related to payments tokenization and card security Issues related to global payment standards, merchant category codes (MCCs), and special category merchants Issues related to payments innovation and open banking. Pub. L. 111-203, Dodd Frank Act Issues related to digital assets, crypto, and stablecoins. S.2281 and H.R. 4766 Issues related to data privacy and data use - H.R. 1165 Issues related to interchange and payment systems, H.R. 6487 and S. 3805 Issues related to trade and market access Issues related to financial inclusion Issues related to cybersecurity Issues related to digital identity Issues related to CDFIs and MDIs Issues related to small business development

Client expense: $1,320,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), HOUSE OF REPRESENTATIVES, SENATE, State, Dept of (DOS), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office