“ETH's position as the center of DeFi is also unlikely to be displaced in our view due to the widespread adoption of the EVM and its layer 2 innovations.”

 “Crypto exchanges might lose some business with the potential debut of a bitcoin spot market on the CME, a global derivatives giant, as the present bull run is particularly driven by institutions, who prefer to trade on regulated avenues.”

 “Roaring Kitty's return was perceived as bullish for meme coins because the market remembered that much of the GameStop mania of 2021 spilled over to $DOGE and other meme coins.”

 “We expect no change to HOOD’s current U.S. crypto operations or asset listings - and expect the SEC to bring forward a suit within the coming months... Our preliminary view is that HOOD would likely fight the SEC in court and has a higher likelihood to prevail than most U.S. competitors (if put in similar situations) given HOOD’s stricter listings standards.”

 “The worst case scenario from a revenue-at-risk perspective is if the SEC chooses to move forward with categorizing ether (ETH) as a security - as this likely makes up ~25% of HOOD’s crypto assets/trading.”