USA-based digital asset exchanges conducts the first public offers (IPO) despite the threat of extra regulatory review that comes with public lists.
Late last week, Bloomberg reported that Gemini Exchange run by Cameron and Tyler Winklevoss had “confidential” applied for a stock exchange listing, with reference to sources that are familiar with the matter. Last month, Bloomberg Reported that Gemini discussed the possibility of an IPO with advisors but that no decision had been made.
IPO, which would probably occur on the technical friendly Nasdaq stock exchange, is handled by Goldman Sachs Group (Nasdaq: GS) and Citigroup (Nasdaq: c). None of the parties have confirmed the article’s claims so far, but provided the reports are true and there are no hiccups, Gemini’s stock exchange listing may occur before the year is over.
Winklevii Hive-Mind may have been made after their companies have freed themselves from a long-standing American regulatory baggage. On February 26, Gemini announced that Securities and Exchange Commission (Sec) had completed his investigation by Gemini And did not intend to “recommend an enforcement measure.” SEC has paused or stopped several probes/moods against crypto operators Since Donald Trump was responded in as US President, and SEC has undergone significant leadership changes.
Winklevii realizes that their wealth may have developed very differently if Trump had not advised at the November November. Both brothers attended last Friday White House ‘Crypto Summit’ And chose to thank Trump personally for pulling his donkeys out of the fire.
After remarks from the president and his cabinet members, Trump’s AI and Crypto Czar David Sacks asked Cameron to repeat something He said before the summit began. Sacks quoted Cameron and said, “A year ago, you thought it would be more likely that you would end up in jail than in the White House.” Sacks quickly added that the twins “did not do anything wrong, but it was the environment a year ago” during the previous administration.
Cameron credited the quote to his brother Tyler, but agreed that the twins “never thought we would be attacked as we did in our garden after trying to do the right thing for so many years.” Cameron praised Trump and said the brothers “look forward to working together” with the president to promote the cause of crypto.
I have to say that it was a sharp move for the twins to paint themselves as victims of unfair persecution while they insisted that they had done nothing wrong, given that these are some of Trump’s favorite talk points about themselves.
But for the record, the claim that Gemini did nothing would be wrong would be challenged by many a gemini customer as Lost access to their digital assets for over a year due to the brothers’ willingness to lend the symbols to companies that Put even less effort into compliance and due diligence than Gemini did.
And when it comes to Gemini who tried so hard to do the right thing, it must have been the reason why Gemini joined in June last year pay $ 50 million To resolve a New York’s National Attorney General Complaints arising from the above -mentioned fraudulent practice.
Or why Commodity Futures Trading Commission (CFTC) reached a settlement of $ 5 million with the twins in January regarding the exchange “make false or misleading statements about material facts” regarding a BTC-Based Exchange-Traded Product (ETP).
Bloomberg seems to have all the stock market introduction, like that reported Last week like The collar Exchange would be published during the first quarter of 2026. The parent company of the Krak, Payward Inc. did not confirm Bloomberg’s report and just said that the company would “conduct public markets because it makes sense for our customers, our partners and shareholders.”
Like Gemini was the Kraken recently granted a regulatory agreement from Secends a 16-month saga that began when SEC accused the company to run an unregistered securities exchange, broker, retailer and clearing agency.
Once public, the Kraken will have to issue quarterly financial reports, just like its rival Coin base (Nasdaq: Coins). To prepare for this event, the Kraken recently released its 2024 ‘Financial Highlights,’ Offers a dull version of bending and dropping Trou so that the rest of us can attach our fingers and root around. (Sorry for the visual.)
The Kraken says that its 2024 revenue hit $ 1.5 billion, more than double 2023’s $ 671 million and almost 60% better than the figure of $ 931 million from 2022, the last year before ‘Crypto Winter’ put in.
Adjusted revenue – the type that the secured investor Charlie Munger used to call ‘Bullshit revenues’—Totalled $ 380 million, but we have to wait until after the IPO to learn how much of the scratch that actually comes to the Kraken.
Anyone else?
Trump’s second stint as president has definitely revived Wall Street’s Crypto-focused activities. Morgan Stanley (Nasdaq: MS), Bank of America (Nasdaq: Bac), Cantor Fitzgerald (Nasdaq: ZCFIIX) and Moelis & Co (Nasdaq: Mc) everyone is said to sniff around to see which crypto operators may want some simple public money.
Bloomberg reported Last month, the Hausse Global consulted with Jefferie’s Financial Group regarding a possible stock exchange listing. Bullish is not the largest exchange and may be better known for (a) to be financially supported by Peter Thiel and (b) its parent company, the Hausse -Tarted group, after acquiring Coindesk Crypto News Outlet at the end of 2023. Bullish recently received legislative approval in both Hong Kong and Germany.
California-based digital assets Bitgo is also said to be To have conversations with potential advisors When it comes to a stock exchange listing. In August 2023, Bitgo collected $ 100 million from non -revealed investorssets its valuation to $ 1.75 billion.
CircleThe issuer of USDC Stablecoin, archived its preliminary IPO -PAPER WORK Over a year ago but have not yet specified when it can pull the trigger on this plan. Circle flirted earlier by going public through a special acquisition company (spac) but scrapped these plans in December 2022 As a cryptic market began to collapse on itself.
The USDC’s market value hit a maximum of $ 58.3 billion on March 10, but returned below $ 58 billion as part of Monday’s broader market sales. Anyway, it’s still over its previous roof of $ 56.1 billion in June 2022, so the time to hit can be now (before the world realizes that ‘crypto’ remains the same old fraudulent Farce).
Rippella laboratoriesThe issuer of the XRP token, as previously promised to publish himself once prolonged struggle with sec was over. Strangely, Ripple is among the few digital asset companies that have not yet reached any form of residents with the supervisory authority.
In January 2024, Ripple CEO told Brad Garlinghouse CNBC That his company had looked in addition to ‘Murica after a more welcoming legislative climate to publish but had nothing concrete in the works. Garlinghouse said that the company would “evaluate” the possibilities for a home -grown stock exchange listing when there were “new regulators sitting in the US sec.” Ahem.
Robinhood’s happy bands of insufficient caretakers
Out of allowing founders and older execs to pay large, includes the benefits of going public … hang on, give us a minute … UM, the constant need to generate higher profits than you did three months ago, or investors will dump your warehouse? The pressure to make incorrect redundancies and cancel expansion plans because investments in your company’s future can adversely affect this quarter’s results? To call the stupid bell in the morning you list? Delightful.
And it is not to mention the extra regulatory review that comes from being traded in public. Consider Robine (Nasdaq: Hood), who just agreed to pay a total of $ 29.75 million to reconcile its compliance deficiencies, including not responding to red flags of potential misunderstanding.
The penalty was introduced by Regulatory authority (Fine), a private supervisory authority whose task is to ensure brokers and exchanges does not deviate so far beyond the straight and narrow road that they generate the entire US financial sector.
Fine’s investigation of Robinhood Financial found that the company “gave customers incorrect or incomplete information on its practice of” collar “market order.” Customers whose orders were later canceled were reintroduced these orders but “received executions at a inferior price.” Robinhood Financial agreed to pay these customers’ refunds totaling $ 3.75 million.
Robinhood Financial and Robinhood Securities are collectively $ 26 million for various deficiencies in the rules. For example, none of the units established “reasonable” anti-money-washing programs (AML), which led to unreported/unreported “manipulative trade, suspected money movements and cases where customers’ accounts were taken over by third-party haters.
Robinhood Financial fell in the same way as even knowing who its customers were, which resulted in the broker “opening thousands of accounts when it had not reasonably verified the customer’s identity.”
Robinhood Financial hired social media influences to market the company online but failed to sufficiently monitor the production of these influencies, which resulted in “statements that were debunded or not fair and balanced, and thus misleading for investors.” (It is not a new phenomenon.)
There were other shortcomings, some of which were reported to the fine. Both Robinhood units agreed to the penalties without recognizing or denying the fees and also decided to certify that the issues that Finra have removed.
Fine’s head of enforcement, Bill St. Louis, said that the penalties imposed Robinhood should remind all fine members “that compliance with core -regulating obligations remain decisive for protecting and serving all investors.”
FINRA-PANKING NOT LONG AFTER ROBINHOOD’S NON CRYPO DEVICE REATED A settlement of $ 45 million with Sec. More recently, Robinhood announced SEC had chosen to look the other way In terms of its alleged illegality. It is a major bonus, as the company’s crypto revenue for the fourth quarter increased by 7x years to year, making it the largest driving force for the company’s total revenue, which doubled its total Q4-2023.
See: To live the methane to life with Teranode
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