Question · Q4 2025
Madeline Daleiden, speaking for Ken Worthington, followed up on market structure legislation, asking about the potential impact on the stablecoin industry and Bullish's stablecoin promotion business if banks were to prevent intermediaries from paying interest on stablecoins.
Answer
CFO David Bonanno stated that based on current legislative drafts, Bullish expects minimal to no financial impact on its liquidity services business, citing specific carve-outs for liquidity providers to receive rewards. Chairman and CEO Tom Farley added that Bullish is generally fine with the bill as it stands, prioritizing its passage for the market clarity it would bring, which he believes is essential for the industry's growth and has been a factor in recent crypto price declines.
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