We're assured by several federal entities that the U.S. has no intentions of banning digital assets, this sets the landscape for crypto to thrive in a regulated environment.It's no surprise that Circle's business model resembles a bank in the crypto space, given its and CND's top management's expertise, and its vision of becoming a crypto national bank.Circle is expected to go public via a merger with CND at a $4.5bn valuation or 5.8x 2023 revenue, under the assumption that USDC adoption will grow 6-fold in 2 years.The prospect of investing in a potentially first-of-its-kind crypto national bank with global exposure (borderless) presents a very attractive investment value proposition.However, investors should take note of the recent price behaviors of similar Crypto-SPAC plays where the majority, if not all, eventually fell below their $10 floor after the merger.