According to CoinMeta, and as reported by Bloomberg, Iran has not yet decided on the second phase of negotiations with the United States. Former U.S. Assistant Secretary of State Barbara Lief pointed out that if the U.S. and Iran reach a potential agreement in the Strait of Hormuz, it would merely be a reset of the negotiating table for more detailed discussions. She believes that President Trump's threat that this is Iran's "last chance" lacks credibility. Lief also stated that, considering the negotiation timeline, she thinks it would be "exceptionally difficult" to reach a lasting agreement before November.