Blockchain & Digital Assets Weekly Briefing - Week 31
- danae317
- Aug 1, 2025
- 16 min read
Updated: Sep 20, 2025
Week ending 1st August 2025
This week’s briefing highlights major moves in the crypto space: PayPal introduces “Pay with Crypto” to boost U.S. merchant adoption, while JPMorgan Chase partners with Coinbase to expand crypto access. The White House advocates for digital asset reform but remains noncommittal on details regarding the Bitcoin reserve. Meanwhile, AllUnity, backed by DWS, Galaxy, and Flow Traders, launches EURAU stablecoin, Germany’s first fully-reserved, MiCA-compliant euro stablecoin, and Visa expands its stablecoin settlement network, signaling growing mainstream integration.
PayPal launches “Pay with Crypto” feature to empower U.S. merchants.
JPMorgan Chase and Coinbase unite to make crypto more accessible for millions.
White House pushes for digital asset reform while withholding details on Bitcoin reserve.
EURAU debuts: DWS, Galaxy & Flow Traders bring regulated Euro stablecoin to life.
Visa broadens stablecoin settlement capabilities with PYUSD, USDG, and EURC across Avalanche and Stellar.
Beyond the Brief
PayPal launches “Pay with Crypto” feature to empower U.S. merchants
In late July 2025, PayPal unveiled its new "Pay with Crypto" feature, granting U.S.-based merchants the ability to accept cryptocurrency payments. This offering marks a major step in integrating digital assets into daily commerce.
Key Highlights
1. Broad Crypto Support
Merchants can now accept over 100 cryptocurrencies—including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), XRP, BNB, and Solana—via popular wallets like Coinbase, MetaMask, OKX, Binance, Kraken, Phantom, and Exodus.
2. Instant Conversion & Settlement
Payments are promptly converted at checkout into either U.S. dollars or PayPal’s stablecoin, PYUSD. This immediate conversion helps shield merchants from volatility while ensuring timely payment processing.
3. Lower Fees, Faster Processing
With a flat transaction fee of just 0.99%, merchants benefit from cost reductions of up to 90% compared to traditional international card processing. Transactions settle substantially faster, often in near-real time.
4. Access to Global Market
By connecting merchants to an expansive ecosystem of over 650 million crypto users and tapping into an a $3 trillion+ market, this feature opens new revenue potential across borders.
5. PYUSD Yield Incentives
Funds converted into PYUSD can earn an annual yield of approximately 4% when held in PayPal accounts, adding a financial incentive for merchants to adopt the stablecoin.
Business Objectives & Strategic Context
Removing barriers for small businesses: PayPal aims to reduce complexity and cost in cross-border commerce, especially benefitting small- and medium-sized enterprises.
Natural extension of PayPal World: Following the launch of PayPal World—which consolidates five global digital wallets—this service further strengthens PayPal’s crypto and fiat convergence strategy.
Key Features of PayPal World:
Unified Wallet Access. Users can access and manage all their financial tools—payments, rewards, transfers, returns, and more—across all five platforms from a single account or interface.
Cross-Border Enablement. It simplifies international shopping and remittances by supporting multiple currencies and providing better FX rates, making it easier for users to spend or send money globally.
Integration of Crypto and Fiat. PayPal World also supports both traditional (fiat) and digital (crypto) currencies, allowing users and merchants to transact more flexibly using the assets they prefer.
Smart Shopping and Returns. With PayPal Honey and Happy Returns integrated, users can get personalized shopping deals, automated coupon applications, and streamlined return options—especially for cross-border e-commerce.
Merchant Tools. Merchants can tap into a global customer base with built-in support for crypto payments, loyalty programs, and localized checkout experiences—all managed through one system.
Crypto ecosystem expansion: By embedding crypto into its payment rails, PayPal reinforces its commitment to mainstreaming digital assets and stablecoins like PYUSD.
These Are the Impacts for Merchants
Efficient global commerce: Faster settlements, transparent pricing, and reduced reliance on intermediaries simplify international selling.
Revenue diversification: Accepting crypto opens doors to new customer segments and global markets.
Financial optimization: Deposits in PYUSD not only mitigate volatility but can also generate passive income with current reward rates.
Considerations & Potential Risks
Regulatory exposure: Cryptocurrency services are subject to evolving regulation; for instance, services in New York may require specific approval and certain features may be restricted.
Technology and custody risks: While settlements are converted instantly, reliance on wallet providers, blockchain infrastructure, and third-party platforms introduces security and operational dependencies.
Market awareness gap: Consumer demand for crypto payments remains early-stage in many markets; success hinges on merchant and consumer education.
Final Thoughts
PayPal’s “Pay with Crypto” offering represents a strategic move toward financial inclusivity and modernization. By lowering transaction costs, enhancing settlement speed, and providing yield opportunities, PayPal is empowering merchants to tap into the growing crypto economy.
While hurdles like regulation and consumer awareness remain, the rollout signals a significant shift in how digital assets may shape commerce going forward.
Whether you’re a small business owner selling internationally or an entrepreneur exploring new payment rails, this feature could offer meaningful advantages—though it's wise to stay informed about evolving regulations and operational implications.
By offering a transparent, integrated crypto payment solution, PayPal is positioning itself at the intersection of digital assets and mainstream commerce—delivering efficiency and innovation, without requiring complex infrastructure changes for merchants.
JPMorgan Chase and Coinbase unite to make crypto more accessible for millions
Coinbase has partnered with JPMorgan Chase, the largest bank in the U.S., serving more than 80 million individual customers — or roughly 1 in 4 Americans. This collaboration introduces three new features designed to simplify crypto access for Chase users:
Funding Coinbase accounts with Chase credit cards (starting Fall 2025). Individual Chase customers will be able to use their Chase credit cards to add funds to their Coinbase accounts. This means you can buy crypto directly on Coinbase using your Chase credit card, similar to how you might use it to make online purchases.
Converting Chase Ultimate Rewards points into USDC (2026)
Seamless direct bank linking between Chase and Coinbase (2026)
This partnership marks a significant shift in how traditional banking and crypto services can work together to improve user access and adoption.
What This Means for Consumers
More Flexibility: Customers can choose between traditional banking tools and crypto wallets more fluidly.
No Intermediaries: Direct integrations eliminate the need for third-party aggregators, enhancing speed and privacy.
More Ways to Get Started: Even users unfamiliar with crypto can enter the space using familiar tools like credit cards and reward points.
Industry Context
This move reflects a broader trend of large financial institutions, like JPMorgan, warming to the crypto sector amid maturing regulation and consumer demand. It also reinforces Coinbase’s position as a key link between traditional finance and the blockchain economy.
From Coinbase
Coinbase frames this as a step toward democratizing crypto, reducing friction, and welcoming the “next wave” of users. The company emphasizes its role as a “trusted bridge” between the old and new financial worlds and hints at future innovations to come.
Final Thoughts
This partnership is a major milestone for crypto adoption in the U.S., creating tangible, user-friendly pathways into digital assets through trusted financial institutions. It lowers entry barriers, improves security, and paves the way for wider adoption across everyday banking customers.
White House pushes for digital asset reform while withholding details on Bitcoin reserve
"Last year, I promised to make America the Bitcoin superpower of the world, AND WE'RE TAKING HISTORIC ACTION TO DELIVER ON THAT PROMISE." President Trump at the inaugural Crypto Summit at the Wahite House on March 7th, 2025.
In a newly released report mandated by Executive Order 14178, the President’s Working Group on Digital Asset Markets has outlined its current stance and policy direction on digital assetsin a comprehensive 160‑page strategy document.
While the report urges regulators to accelerate clarity on cryptocurrency markets and embraces innovation-friendly reforms, it notably offers no new information on the federal government’s Strategic Bitcoin Reserve — a point of growing interest in digital asset circles.
Toward Regulatory Clarity and Market Infrastructure
The report calls on the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to use existing legal authority to immediately support the regulated trading of digital assets at the federal level. This includes guidance around key functions such as registration, custody, and record keeping.
It endorses the Clarity Act, recently passed by the House, which would give the CFTC jurisdiction over spot markets for digital assets that are not securities — a long-standing regulatory gray area. In addition, the report affirms individuals' rights to self-custody their digital assets, an essential tenet of decentralized finance.
To promote innovation, the report encourages the use of regulatory sandboxes and safe harbors (tools used by governments to encourage innovation while still maintaining some level of oversight, especially in fast-evolving sectors like digital assets and fintech), which could allow startups to develop and test blockchain-based financial products with temporary regulatory flexibility.
Modernizing Banking and Stablecoin Oversight
The report supports the integration of blockchain technology into the U.S. banking system. It recommends modernizing regulations to clarify what activities banks can legally engage in, including digital asset custody and stablecoin issuance. It also calls for broader access to bank charters and Federal Reserve master accounts for qualifying digital asset firms.
These suggestions reflect growing momentum from private sector actors such as Circle, which is actively pursuing a national bank charter. The report builds upon the GENIUS Act, signed into law on July 18, 2025, which established a formal regulatory framework for stablecoins. Officials emphasize that a strong stablecoin system could help reinforce the U.S. dollar’s global dominance.
Tax Reform and Strong Opposition to CBDCs
To ease compliance and encourage innovation, the report recommends that the Treasury Department and IRS issue clearer guidance on the taxation of activities such as crypto mining, staking, and small-scale (de minimis) transactions.
The report also reiterates the administration’s firm stance against the creation of a U.S. Central Bank Digital Currency (CBDC). Supporting the Anti-CBDC Surveillance State Act, it cites potential threats to privacy and individual sovereignty as key reasons for opposing a government-issued digital dollar.
Gaps in Forfeiture Law for Digital Assets
A key legal reform proposed in the report addresses a gap in civil asset forfeiture law. Under 18 U.S.C. § 984, the federal government can seize cash or bank funds suspected to be linked to crime—even when those specific funds cannot be uniquely identified—as long as the transaction occurred within one year.
However, this modified tracing rule does not currently apply to digital assets, such as Bitcoin or other cryptocurrencies. That presents a challenge for law enforcement. For example, if criminal proceeds are mixed with other digital assets in a single wallet, the government must trace exact coins to the illicit activity—a standard not required for cash or bank accounts.
The report proposes amending the statute to apply this modified traceability rule to digital assets. This would allow the government to seize digital assets commingled in the same wallet as crime-linked tokens, without needing to prove the exact coins originated from criminal conduct.
Bitcoin Reserve: Mentioned, But Still Unclear
While the report briefly references the Strategic Bitcoin Reserve and broader U.S. Digital Asset Stockpile, it stops short of offering any new specifics. These initiatives were initially mandated by Executive Order 14233 in March 2025, but the latest update simply confirms that Bitcoin seized through forfeiture — currently estimated at 198,000+ BTC, worth approximately $24 billion — will be retained rather than sold.
The report notes that the Treasury is responsible for developing budget-neutral strategies to acquire more Bitcoin and other digital assets for the reserve. However, no concrete plans or timelines were disclosed.
The White House report presents a roadmap for integrating digital assets into the U.S. financial system through regulatory reform and innovation support. While it provides clearer direction on market structure, banking, and taxation, it leaves major questions unanswered — particularly regarding the government's long-term intentions for its strategic Bitcoin holdings. As the policy environment evolves, stakeholders across the crypto industry and financial sector will be closely watching for the next move.
EURAU debuts: DWS, Galaxy & Flow Traders bring regulated Euro stablecoin to life
Today marks the official launch of EURAU, a euro-denominated stablecoin issued by AllUnity, a newly formed joint venture supported by German DWS Group, Flow Traders, and Galaxy Digital.
Designed for institutional, corporate, and retail use, EURAU represents the culmination of a multi-year collaboration positioned to integrate traditional and digital finance under a regulated framework.
Formation of the Partnership
Initially announced in late 2023, AllUnity was established to bring together DWS’s expertise in portfolio management, Flow Traders’ liquidity capabilities, and Galaxy’s blockchain infrastructure and tokenization technology. The firm is headquartered in Frankfurt and anticipates European-wide deployment pending regulatory approval.
Regulatory Environment
AllUnity has secured approval from Germany’s financial regulator, BaFin, under a newly issued E-money Institution (EMI) license, making EURAU the first German-regulated euro stablecoin fully compliant with the EU’s Markets in Crypto Assets (MiCA) regulation.
Token Mechanics
EURAU is launched on the Ethereum blockchain and is 100% collateralized—with reserves held across multiple European banks—and includes real-time transparency features such as proof of reserves and 24/7 settlement capabilities.
Rationale and Outlook
The stablecoin responds to growing demand for regulated digital currency options in Europe, offering a euro-pegged alternative to dominant U.S.-based stablecoins like Tether. DWS foresees gradual uptake from digital-asset investors, with eventual broader use cases including industrial IoT payments (automated payments made by machines or devices used in factories or industrial settings). Flow Traders and Galaxy emphasize that transparency, efficiency, and interoperability will be key to broader adoption of tokenized financial infrastructure.
Leadership and Governance
Alexander Höptner, known for his work in crypto product development and marketplace infrastructure, has been named CEO of AllUnity. Under his leadership, the venture aims to accelerate the mainstream acceptance of euro-denominated stablecoins in a regulated environment.
Visa broadens stablecoin settlement capabilities with PYUSD, USDG, and EURC across Avalanche and Stellar
Visa has announced the expansion of its stablecoin settlement platform by integrating three new regulated tokens—PayPal USD (PYUSD), Global Dollar (USDG), and Circle’s euro-backed EURC—while extending support to two additional blockchain networks: Avalanche and Stellar.
As a reminder: Visa began testing USDC for settlement in 2021, using the Ethereum blockchain. This marked the first time a major payment network used a public blockchain and a stablecoin to settle transactions.
The first live use case was with Crypto.com, which used USDC to settle payments with Visa over Ethereum.
Solana was later added to reduce transaction costs and increase speed.
Key Developments
New Stablecoins Added
PayPal USD (PYUSD) and Global Dollar (USDG), both issued by Paxos and pegged to the U.S. dollar, are now accepted for Visa settlement, providing trusted options for dollar-based transactions.
EURC, Circle’s euro-backed stablecoin, enables settlement in euros—broadening Visa’s currency reach for international payments.
Expanded Blockchain Support
In addition to Ethereum and Solana, Visa now supports Avalanche and Stellar, enhancing speed, reducing transaction costs, and providing partners with more flexible network options.
Implications
Greater Interoperability and Choice
Visa now supports four stablecoins across four blockchains, facilitating more versatile and efficient cross-border transactions. Partners can leverage USD- or EUR-pegged tokens on the network that best suits their use case.
Improved Settlement Efficiency
By supporting Avalanche and Stellar, Visa’s platform benefits from faster finality and lower costs—key advantages for high-volume, real-time settlement processing.
Regulatory Confidence
Visa’s partnerships with regulated stablecoin issuers Paxos and Circle indicate a commitment to compliance and security. The recent U.S. legislative action, including the GENIUS Act, further supports a regulated framework for stablecoin usage.
Strategic Context
Visa’s stablecoin initiatives began in 2021 when it piloted USDC settlement on Ethereum. Since then, the company has expanded to support stablecoin-linked cards and institutional usage, especially in emerging markets such as Latin America and Africa. These current additions are part of a broader strategy to build a robust, multi-asset, multi-chain settlement system.
Leading industry voices highlight the move as a step toward bridging traditional financial infrastructure with programmable blockchain-native money:
“Visa is building a multi‑coin and multi‑chain foundation to help meet the needs of our partners worldwide… when stablecoins are trusted, scalable, and interoperable, they can fundamentally transform how money moves around the world.”— Rubail Birwadker, Visa’s Global Head of Growth Products
Continued Growth in Emerging Markets
As a reminder, Visa’s stablecoin strategy isn’t limited to infrastructure upgrades—it also plays a critical role in expanding financial access in emerging markets. The company has accelerated its integration of stablecoins in regions like Latin America, Africa, and Southeast Asia, where cross-border payments often face delays, high fees, and limited access to U.S. dollar banking. Through pilot programs and partnerships with fintechs such as Bridge and Yellow Card, Visa has launched stablecoin-linked cards and processed over $225 million in stablecoin-based transactions so far in 2025. These solutions allow users to spend stablecoins while merchants receive local currency, streamlining cross-border commerce and remittances. By focusing on real-world applications where traditional financial infrastructure is lacking, Visa is positioning stablecoins as a practical tool for driving financial inclusion and improving payment efficiency on a global scale.
Beyond The Brief
Opinion: the IMF's reluctance toward crypto is undermining economic sovereignty in Latin America
Recent developments in Bolivia and El Salvador signal a growing appetite among Latin American nations to embrace cryptocurrencies as a tool for financial autonomy and innovation. Bolivia’s newly announced partnership with El Salvador, underscores a turning point: the Bolivian government is now openly calling crypto a "reliable alternative." This shift follows Bolivia's decision to allow a state-run company to use crypto for purchasing oil and gas—a bold move in a region where reliance on foreign currency, particularly the U.S. dollar, has long dictated economic policy.
El Salvador’s pioneering Bitcoin strategy, launched in 2021, continues to attract both international attention and institutional skepticism. A recent report highlights the ongoing hurdles the country faces, particularly from the International Monetary Fund (IMF), which has expressed clear reservations about the nation's pro-crypto direction. While the public uptake of Bitcoin in El Salvador remains limited, the deeper issue lies not in the technology's readiness but in the broader geopolitical dynamics at play.
Argentina offers a striking third case. In 2022, amid one of the largest sovereign debt crises in recent memory, the country secured a $44 billion IMF bailout—the largest in the institution’s history. Buried in the deal was a clause committing Argentina to “discourage the use of cryptocurrencies.” This was at a time when Argentine citizens, grappling with triple-digit inflation and a devaluing peso, were turning to stablecoins and Bitcoin as lifelines. The IMF’s position: close the door.
The IMF positions itself as a financial stabilizer for developing nations, offering loans and economic advice. Yet, its consistent resistance to crypto adoption in countries like El Salvador—and now, by implication, Bolivia—raises serious questions. If crypto presents an opportunity for nations to reduce dependence on external debt, enhance financial inclusion, and stabilize their own economies, why does the IMF appear more interested in discouraging rather than enabling these strategies?
The answer may be as uncomfortable as it is revealing. Dollarized economies are inherently tied to U.S. monetary policy and the global financial architecture that institutions like the IMF uphold. By resisting crypto-based alternatives, the IMF is effectively preserving a system of dependency—one in which countries remain reliant on dollar-based rescues and constrained by externally imposed fiscal frameworks. Rather than supporting innovation, the IMF’s stance risks stifling the financial sovereignty that nations like El Salvador and Bolivia are now boldly pursuing.
Crypto is not a silver bullet, but it represents a credible tool—one that countries should be able to explore without punitive restrictions from the very institutions designed to support their development. The IMF, as a lender, understandably attaches conditions to its loans. But with that financial leverage comes a responsibility to remain open to innovation—especially when it involves technologies like Bitcoin, which is now approaching its 20th year and is on the verge of broader institutional acceptance, including formal recognition within U.S. financial markets. Dismissing such tools outright reinforces outdated paradigms and undermines the legitimate efforts of nations seeking a path out of economic dependency. If the IMF genuinely aims to foster sustainable growth, it must adapt to a financial world that is already changing—with or without its consent.
Senators Scott, Lummis & colleagues release market structure discussion draft, seek stakeholder feedback
🏛️ Overview
The discussion draft is like a beta version of a bill—it’s a way to test ideas, get real-world input, and build the political and policy foundation needed for formal legislation. It focuses narrowly on market structure—clarifying agencies’ roles, infrastructure, custodianship, and bank involvement.
Senators Tim Scott (R‑SC), Cynthia Lummis (R‑WY), Bill Hagerty (R‑TN), and Bernie Moreno (R‑OH) unveiled a discussion draft of digital asset market structure legislation, building off the recently passed House CLARITY Act.
Alongside the draft, they issued a Request for Information (RFI), inviting stakeholders to provide feedback—including responses to around 78 questions—by August 5, 2025.
🧩 Key features of the discussion draft (“Responsible Financial Innovation Act of 2025”)
Ancillary Asset Definition and Treatment
The draft creates a new category called “ancillary assets”—digital tokens that are not securities, though they may be sold in investment contracts. Issuers can self-certify that a token qualifies; the SEC has 60 days to object.
To qualify, issuers must not raise more than $75M/year for four years or exceed 10% of total assets. The SEC must issue “Regulation DA”, setting streamlined, crypto-specific disclosure rules (covering governance, token economics, etc.).
This marks a major shift from current law, giving crypto projects a clearer path outside full SEC registration, while still ensuring investor transparency.
Tailoring disclosure and modernizing SEC rules
- Requires issuers to disclose relevant corporate, economic, governance, and technical information.
- Directs the SEC to issue Regulation DA, offering exemptions for qualifying ancillary asset offers.
- Mandates modernizing the legal definition of “investment contract”—leaning on the Howey test (1. Investment of money, 2. - Expectations of profit, 3. Derived from the efforts of others) while removing the “commonality” element (Common enterprise).
- Calls for updates to legacy securities rules (e.g. custody, broker‑dealer standards) to suit digital asset use cases.
Expanding bank and financial holding company activity
- Permits banks and holding companies to engage in digital asset activities they are already authorized to conduct—e.g. custody, staking, payments, brokerage.
- Regulators like the Federal Reserve, OCC, and FDIC will establish risk‑based capital, netting, and compliance rules.
- Treasury is directed to develop AML/OFAC tailored examination standards for digital activity.
Financial Crime and AML Safeguards
- Applies Bank Secrecy Act (BSA) requirements to digital asset intermediaries.
- Emphasizes use of real‑time blockchain analytics tools to detect suspicious patterns and moderate illicit transfers.
- Creates a public-private AML pilot program, managed by the Attorney General and Treasury alongside DHS and FinCEN, involving at least 20 industry participants in secure information-sharing to combat illicit finance.
Developer and Self‑Custody Protections
- Clarifies that software developers and non‑controlling service providers are not automatically considered money transmitters just for running code or maintaining networks.
- Preserves self‑custody rights, allowing individuals to hold tokens for personal use without intermediary involvement or regulation.
📋 Request for Information (RFI)
The Senate Banking Committee is soliciting input on the draft and broader topics including:
Regulatory clarity and tailoring
Investor protection
Market infrastructure and trading venues
Custody practices
Illicit finance
Banking integration
Innovation pathways
Preemption of state laws
🔍 Context & Process
The Senate draft builds directly on the House’s Digital Asset Market CLARITY Act, which passed on July 17, 2025.
It diverges in key areas: introduction of ancillary assets, more detailed AML and sandbox provisions, expanded banking permissions, and enforceable public-private collaboration.
Stakeholder feedback and additional drafts—including from the Senate Agriculture Committee (CFTC domain)—are expected throughout summer and fall.
A final unified bill may emerge post-conference and require approval in both chambers before presidential signature.
📝 Why It Matters
Offers a clearer regulatory roadmap for digital asset projects and banking entities operating in the U.S.
Balances innovation-friendly policy (e.g. self-certification, sandboxes) with investor protections and financial crime prevention.
Signals momentum toward a comprehensive federal digital asset framework, following passage of the GENIUS Act (for stablecoins) and CLARITY Act.
The August 5 comment deadline offers an urgent opportunity for firms and advocates to shape future crypto policy.
WHAT WE ARE READING (OR WATCHING)
The Stablecoin Standard
Dollar stablecoins threaten Europe's monetary autonomy, ECB blog argues
Tokenized money market funds emerge as Wall Street’s answer to stablecoins
Mizuho’s Dan Dolev on how stablecoin adoption could shake up payment processors
The Rise of Stablecoin Salaries: Transforming Payroll in the Crypto Era
Governance Watch
Bolivia Calls Crypto ‘Reliable Alternative’ in New El Salvador Partnership Deal
SEC Approves In-Kind Redemptions for Crypto ETFs, Boosting Institutional Efficiency
UK parliamentary crypto group reformed amid push for regulatory clarity
The Onboarding Wave
RAK first 'traditional' UAE bank to offer crypto trading for retail clients
The Nakamoto Engine
Bitcoin Falls 3% After Galaxy Digital's $9B BTC Sale Triggers Market Pressure
El Salvador’s Bitcoin Strategy Faces IMF Hurdles and Limited Public Reach, Says NGO
On the Launchpad
EToro to Tokenize US Stocks on Ethereum Network for 24/7 Trading
OKX to launch regulated retail crypto derivatives from the UAE
Crypto on the Balance Sheet
Trump Media Announces its Purchases for Bitcoin Treasury Reach $2 Billion
Michael Saylor’s Strategy Owns 3% of Bitcoin in Circulation After Latest Purchase
Beyond the Chain
Chinese Crypto Giant Bitmain Plans US Factory in Trump-Era Push
This article is for informational purposes only and should not be considered financial advice. Please do your own research or consult a licensed financial advisor before making investment decisions.
