Bitcoin Magazine

SEC Charges Two Companies in $130 Million Crypto Trading Scheme

The Securities and Exchange Commission charged two foreign-operated, Colorado-incorporated companies with running a crypto investment fraud that used false federal filings to raise more than $130 million from tens of thousands of retail investors.

The defendants are BG Wealth Sharing Ltd. and DSJ Exchange Pty Ltd. A complaint filed in the U.S. District Court for the Northern District of California alleges that from at least October 2025 through June 2026, the companies induced investors in more than 40 states and several U.S. territories to join a “wealth-sharing program.” 

Participants were promised risk-free returns generated by so-called signals for crypto asset trading.

According to the complaint, BG Wealth claimed to be the world’s largest hedge fund, claimed registration with the SEC as an investment adviser, and said it partnered with a licensed and secure crypto trading platform, DSJ Exchange. 

The SEC says none of those claims were true. The complaint alleges the companies submitted false Form ADV and Form D filings to the SEC. Those filings were viewable on the agency’s website and shared with investors as evidence that the SEC had licensed or approved the firms.

Laura D’Allaird, chief of the SEC Enforcement Division’s Cyber and Emerging Technologies Unit, described the operation in a statement. 

SEC: Crypto scheme was ‘a Ponzi-like tactic’

“This alleged scheme was well-planned,” she said, citing social media, encrypted messaging channels, weekly live videoconferences and a mobile app used to engage investors. The complaint alleges the defendants displayed fake certificates bearing the SEC’s seal and made periodic payments to some investors, “a Ponzi-like tactic,” while misappropriating the remaining funds.

The SEC charged both companies with violating the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.

It charged BG Wealth with violating Sections 204(a) and 207 of the Investment Advisers Act of 1940. The agency seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties against both companies, along with conduct-based injunctions against BG Wealth.

The Form ADV and Form D filings have been removed from the SEC website.

The SEC’s Office of Investor Education and Assistance has issued investor alerts warning that scammers are using exempt reporting adviser filings to create a false impression of legitimacy. The agency encourages investors to check the background of anyone offering or selling a crypto investment through Investor.gov.

The SEC said it received assistance from the Alberta Securities Commission, the Hawaii Department of Commerce and Consumer Affairs, the Texas State Securities Board, the Utah Division of Securities, the Washington State Department of Financial Institutions, the Wisconsin Department of Financial Institutions, and other authorities.

This post SEC Charges Two Companies in $130 Million Crypto Trading Scheme first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

The SEC is monitoring prediction markets for insider trading and fraud, with corporate earnings contracts raising new questions over federal oversight.

Circle has urged the U.S. Securities and Exchange Commission to recognize qualifying payment stablecoins as cash in its proposed crypto fundraising rules and cut their broker-dealer capital haircut from 2% to zero. Circle’s October 28 blog outlined a comment letter…

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Bitcoin Magazine

Senator Bill Hagerty: Expanding the U.S. Strategic Bitcoin Reserve, & the Future of Dollar Hegemony

Senator Bill Hagerty says the only answer some in Congress have is a central bank digital currency, and that’s “absolutely not consistent with freedom and liberty.” In this in-studio interview, he explains how uncertainty let former SEC chair Gary Gensler attack the industry, why a light government touch helps innovation thrive, and what Congress can realistically get done before the new session in January.

Chapters:
00:00 Senator Bill Hagerty on What’s Next for the Clarity Act
01:38 Democrats, Ethics Provisions and the Stablecoin Rewards Debate
03:04 How the SEC and CFTC Are Regulating Crypto Without Congress
04:43 How the GENIUS Act Will Change Payments and Settlement
07:08 Stablecoins, Treasury Demand and U.S. Dollar Dominance
08:31 The U.S. Strategic Bitcoin Reserve and 200,000 Bitcoin
10:54 Why Americans Are Still Skeptical of Crypto
13:18 Bitcoin Mining, TVA and Tennessee’s Energy Buildout
17:14 Bitcoin Businesses in Nashville and Why CBDCs Threaten Freedom
18:36 What Congress Can Pass Before the New Session in January

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

This post Senator Bill Hagerty: Expanding the U.S. Strategic Bitcoin Reserve, & the Future of Dollar Hegemony first appeared on Bitcoin Magazine and is written by Patrick Green.

TL;DR: The SEC has named tokenization among its fiscal 2027 examination priorities, bringing the systems behind blockchain securities into closer supervisory focus. The staff document sets inspection priorities and creates no new legal obligations.

The SEC’s tokenization agenda now includes a practical question for financial firms: can the infrastructure work reliably when something goes wrong?

In its October 23 announcement, the US regulator placed tokenization among the market developments its examiners will scrutinize during fiscal 2027. The wider program also covers investment advice, complex products, private credit and cybersecurity across more than 34,000 registrants.

For companies building services around tokenized assets, that brings the discussion down from the promise of faster trading to the controls supporting it. A share recorded on a blockchain still needs dependable ownership records, functioning markets and an orderly response to disruption.

Clearing And Trading Systems Enter The Frame

The 20-page examination document explicitly includes tokenization among high-risk areas for clearing-agency reviews. In its discussion of Regulation Systems Compliance and Integrity, it lists tokenized securities alongside extended trading hours, advanced AI and quantum computing. Cloud providers and other technology suppliers also feature in those reviews.

That combination matters. Extending trading hours can leave less time for maintenance, while connecting a token to conventional securities records adds another place where systems must agree. The relevant test is whether the complete service remains dependable, including the handoffs between systems.

The document separately emphasizes cybersecurity governance, access controls, incident response and risks from shared technology. It also states that the priorities are staff views, carry no legal force and do not amend existing law. An examination focus should therefore be read as a signal about supervision, rather than a new tokenization license or prohibition.

A Permission To Experiment Still Comes With Conditions

The context is the SEC’s September innovation exemption for certain tokenized stock venues. That temporary framework requires equivalent shareholder rights, issuer notification and an opportunity to object when an unaffiliated party tokenizes shares. It also imposes trading limits and requirements for public, auditable smart contracts.

Those conditions illustrate why market access and operational supervision move together. A permitted venue can still have weak controls; a technically impressive platform can still mishandle an investor’s rights. The new priorities put attention on that gap.

For investors, the useful distinction is between the token and the service built around it. Questions about who holds the underlying security, how transactions reconcile and what happens during an outage remain relevant alongside the blockchain’s design. Custody and market infrastructure do not become incidental simply because a trade uses a token.

The SEC says its priorities are non-exhaustive and may change during the year. Tokenization’s place in the published agenda nevertheless gives firms a clear reason to expect scrutiny of how their systems operate, as well as what their products promise.

Written by the News Desk and edited by Samuel Rae.

The U.S. Securities and Exchange Commission has included tokenization risks in its fiscal 2027 examination priorities, setting out areas of scrutiny across a program covering more than 34,000 registrants. The SEC announced the priorities on Oct. 23, identifying evolving market…

TL;DR: Bitwise filed a supplemental SEC comment seeking clearer protection for firms that rely on token-status filings. The October 21 letter develops its earlier proposal; it is an industry request, not an adopted rule.

Bitwise is pressing the Securities and Exchange Commission to answer a question that matters to fund managers: when can a firm rely on somebody else’s determination that a crypto asset has separated from an investment contract?

The asset manager’s October 21 supplemental letter focuses on that reliance problem in the SEC’s proposed Regulation Crypto Assets framework.

It asks the commission to distinguish an issuer’s filing of Form TR from the point at which a separate market participant can rely on an unchallenged filing. It also seeks protection for reasonable, good-faith determinations if a later challenge arises, and asks for the treatment to carry through relevant investment-company and investment-adviser definitions.

A Token Issuer And A Fund Manager Have Different Information

Bitwise’s original October 19 response explains its position as a company that builds investment products using crypto assets rather than issuing those assets itself. Whether an asset could be treated as a security affects decisions about which products can hold it.

The practical concern is that a manager may need to make those decisions using public information, without access to all the records held by an issuer or development team.

A reliance framework would define when public filings can support that decision and what knowledge would prevent a firm from relying on them. That is distinct from declaring that any particular token is outside securities law.

The supplement also argues that filing Form TR should not itself be treated as an admission about the asset’s previous legal status. Its requests concern the consequences of using the proposed process, not simply the form’s availability.

The Letter Does Not Resolve The Rulemaking

The document is hosted in the SEC’s comment file, but its arguments belong to Bitwise. Publication there is not an endorsement by the commission.

The distinction is especially relevant to headlines about regulatory certainty. An industry participant can identify a problem and propose a detailed solution while the outcome remains undecided.

For fund managers, the issue to watch in the eventual rules is how responsibility is divided between the party making a token-status filing and the firms using it to construct financial products. Bitwise’s latest submission makes that division the center of its case.

Related Reading

• Hyperliquid Policy Center Calls For Five Changes To SEC Crypto Rule
• SEC Opens New Crypto Custody Path For Investment Advisers And Funds
• Winklevoss Zcash ETF Filing Brings Privacy Coin Exposure To Nasdaq

This article was written by the News Desk and edited by Samuel Rae.

TL;DR: The Hyperliquid Policy Center supports the SEC’s proposed crypto framework but says five changes are needed to make the rules workable for token developers and markets.

The Hyperliquid Policy Center has welcomed the US Securities and Exchange Commission‘s attempt to clarify how securities law applies to crypto assets, while warning that details around distributions and trading could still create unnecessary barriers.

In a comment published October 19, the group urged the regulator to revise its proposed Regulation Crypto Assets framework in five areas. Its concerns include how administrative steps in token airdrops are treated, how tokens can trade after an exempt distribution, and whether a safe harbour offers clear enough protection once a project has matured.

The centre also wants clearer rules for token buybacks and a consistent approach to the interaction between federal exemptions and state securities requirements.

The proposals reflect a long-running problem for cryptocurrency developers. A network token may begin life inside a fundraising arrangement, yet eventually circulate in a system where thousands of participants trade and use it without dealing directly with its original issuer.

Drawing a line between those stages has been difficult under decades-old securities tests. The SEC’s proposal is intended to offer more predictable treatment, but the consultation process shows that industry participants still disagree about where the boundaries should fall.

The advocacy group’s submission is not a regulatory decision. It is one contribution to a rulemaking process whose final outcome will depend on the commission’s response to the evidence and objections it receives.

Written by the News Desk and edited by Samuel Rae.

TL;DR: Strive purchased another 1,223 Bitcoin over two days, taking its reported holdings to 36,818 BTC in a fresh SEC filing.

Strive’s Bitcoin buying spree continued through the middle of October. In a filing dated Monday, the company disclosed the purchase of 1,223 BTC between October 14 and October 16, bringing its total reported holdings to 36,818 coins.

The latest purchase cost roughly $100 million at an average price of about $81,734 per Bitcoin, according to the company’s figures. It followed an earlier acquisition of 2,822 BTC in the same week, showing how aggressively the corporate treasury strategy has accelerated.

The size of the holding puts Strive among the largest publicly traded Bitcoin owners. That creates an unusual relationship between the company’s shares, its balance sheet and the price of Bitcoin: investors are evaluating not only the coins it holds, but also how management finances future purchases.

Preferred shares, equity issuance and other capital-market tools are increasingly central to the treasury-company model. They can give firms more ways to acquire Bitcoin, but also raise questions around funding costs, dilution and the risk of buying into volatile markets.

Strive’s announcement does not tell us where Bitcoin prices go next. It does, however, give a clear snapshot of one company’s conviction and the increasing scale of its exposure.

The key metric for shareholders will be whether that accumulation creates value per share, not just a larger total Bitcoin balance.

Written by the News Desk and edited by Samuel Rae.

Bitcoin Magazine

Three Companies Have Notified the SEC of Intention To Start Tokenized Stocks Trading

Three companies have notified the U.S. Securities and Exchange Commission of their plans to operate tokenized securities venues following a new rule, according to the top regulator. 

Tokenized Stock Venue, Perpetuals.com, and OKX have all submitted plans to operate by allowing trading of tokenized stocks, the SEC said in a Wednesday announcement. 

Along with the Intercontinental Exchange, crypto exchange OKX was the first to file with the regulator to debut tokenized securities trading on a new platform, OKXICE. 

The SEC in September said it was offering a five-year exemption to platforms that facilitate trading of tokenized stocks. Regulators like the SEC are pushing ahead with regulating the crypto space despite lawmakers blocking major digital asset legislation in September. 

Tokenized stocks are the latest example of firms wanting to utilize Bitcoin’s underlying technology to help upgrade traditional finance. By putting stocks on the blockchain, traders can operate 24/7, according to proponents. 

The SEC said Wednesday that just because the firms are on the list, doesn’t necessarily mean they meet all the requirements for the rule. 

Wall Street’s top regulator is now very pro-crypto under U.S. President Donald Trump. SEC Chair Paul Atkins has said the regulator wants to “update” how it watchdogs securities, and “modernize them in the age of blockchain and crypto assets.”

Atkins has said that the regulator wants the U.S. to be on track to be the “crypto capital of the world.” 

Under the previous Democratic Joe Biden administration, the SEC was hostile towards the crypto industry and hit major companies — including Coinbase and Kraken — with lawsuits. The regulator attracted criticism for so-called regulation by enforcement. 

But under Trump, that has changed: the Republican campaigned on a ticket to help the crypto space and has signed a number of laws and executive orders aimed at helping the digital asset space. 

Traditional finance titans like BlackRock and Franklin Templeton for years have used blockchain rails to tokenize money funds.

In January, the S&P 500 gave crypto platform Trade[XYZ] the green light to debut a new derivative contract on decentralized exchange Hyperliquid, giving traders the ability to trade the stock index 24-7. 

This post Three Companies Have Notified the SEC of Intention To Start Tokenized Stocks Trading first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

TL;DR: The Hyperliquid Policy Center supports the SEC’s proposed crypto framework but says five changes are needed to make the rules workable for token developers and markets.

The Hyperliquid Policy Center has welcomed the US Securities and Exchange Commission‘s attempt to clarify how securities law applies to crypto assets, while warning that details around distributions and trading could still create unnecessary barriers.

In a comment published October 19, the group urged the regulator to revise its proposed Regulation Crypto Assets framework in five areas. Its concerns include how administrative steps in token airdrops are treated, how tokens can trade after an exempt distribution, and whether a safe harbour offers clear enough protection once a project has matured.

The centre also wants clearer rules for token buybacks and a consistent approach to the interaction between federal exemptions and state securities requirements.

The proposals reflect a long-running problem for cryptocurrency developers. A network token may begin life inside a fundraising arrangement, yet eventually circulate in a system where thousands of participants trade and use it without dealing directly with its original issuer.

Drawing a line between those stages has been difficult under decades-old securities tests. The SEC’s proposal is intended to offer more predictable treatment, but the consultation process shows that industry participants still disagree about where the boundaries should fall.

The advocacy group’s submission is not a regulatory decision. It is one contribution to a rulemaking process whose final outcome will depend on the commission’s response to the evidence and objections it receives.

Written by the News Desk and edited by Samuel Rae.

TL;DR: Strive purchased another 1,223 Bitcoin over two days, taking its reported holdings to 36,818 BTC in a fresh SEC filing.

Strive’s Bitcoin buying spree continued through the middle of October. In a filing dated Monday, the company disclosed the purchase of 1,223 BTC between October 14 and October 16, bringing its total reported holdings to 36,818 coins.

The latest purchase cost roughly $100 million at an average price of about $81,734 per Bitcoin, according to the company’s figures. It followed an earlier acquisition of 2,822 BTC in the same week, showing how aggressively the corporate treasury strategy has accelerated.

The size of the holding puts Strive among the largest publicly traded Bitcoin owners. That creates an unusual relationship between the company’s shares, its balance sheet and the price of Bitcoin: investors are evaluating not only the coins it holds, but also how management finances future purchases.

Preferred shares, equity issuance and other capital-market tools are increasingly central to the treasury-company model. They can give firms more ways to acquire Bitcoin, but also raise questions around funding costs, dilution and the risk of buying into volatile markets.

Strive’s announcement does not tell us where Bitcoin prices go next. It does, however, give a clear snapshot of one company’s conviction and the increasing scale of its exposure.

The key metric for shareholders will be whether that accumulation creates value per share, not just a larger total Bitcoin balance.

Written by the News Desk and edited by Samuel Rae.

TL;DR: SkyAI says it has sold all its SOL and started a cash tender offer that could cost roughly $201.3 million if fully subscribed.

SkyAI’s experiment as a Solana treasury company has taken a dramatic turn. Rather than simply holding through market volatility, the Nasdaq-listed firm says it has sold its entire SOL position and is offering to buy back as much as 95% of certain outstanding shares and warrants.

An October 19 filing with the Securities and Exchange Commission puts the proposed cash purchase price at $3 per share or warrant. If everyone eligible tenders the maximum amount, the purchase would total approximately $201.3 million.

The company disclosed $223.8 million in cash as of October 16 and confirmed that its Solana sales were complete by that point. Consequently, the tender offer is no longer conditional on the price of SOL — a material change from an earlier version of the plan.

The decision is noteworthy because many listed cryptocurrency treasury companies have spent recent months explaining why they intend to keep accumulating tokens. SkyAI is moving in the opposite direction and returning cash to investors through an offer whose terms are defined in its SEC documents.

Shareholders still have choices to make. The tender is scheduled to expire on October 29 unless it is extended or terminated earlier, and the offer remains subject to its stated conditions.

SkyAI’s move is not a verdict on Solana’s technology. It is a reminder that the capital structures wrapped around crypto holdings can change much faster than the networks underneath them.

Written by the News Desk and edited by Samuel Rae.

TL;DR: BlackRock has proposed another Bitcoin-linked ETF, this time using options to pursue some protection against losses while giving up part of the potential upside.

BlackRock’s latest Bitcoin fund filing takes a different approach from the familiar buy-and-hold exposure offered by its iShares Bitcoin Trust. Instead of simply following the price of Bitcoin, the proposed iShares Bitcoin Managed Protection ETF would use an options strategy linked to IBIT or similar exposure.

The ambition is straightforward enough: participate in some of Bitcoin’s gains and seek a measure of protection during a decline. The trade-off is equally important. Gains could be capped, and the protection is neither unconditional nor guaranteed. The structure is designed around overlapping options positions, meaning an investor’s outcome could depend on when the shares are purchased as well as what Bitcoin does next.

That makes this a different kind of product, not a safer version of holding spot Bitcoin in every circumstance. Options costs, fund expenses and changing market prices all affect what shareholders receive.

The filing arrives as issuers work to move beyond basic spot exposure. Income-oriented and buffered Bitcoin products try to give financial advisers additional ways to fit an unusually volatile asset into conventional portfolios.

For investors, the missing details matter as much as the proposed strategy. An SEC filing does not mean the fund has been approved or launched. Its eventual fees, live portfolio and actual protection terms will determine whether the structure delivers a useful alternative to IBIT.

Written by the News Desk and edited by Samuel Rae.

Bitcoin Magazine

Coinbase’s Ryan VanGrack: CFTC Approval “Opens Many Doors” for Bitcoin

The SEC’s proposed custody rules could make it easier for investment advisors to help clients own Bitcoin directly. Coinbase’s Ryan VanGrack explains why institutional capital tends to flow where there are clearer rules, and why he sees direct ownership and ETFs as “both and, not either or.” He also shares why traditional finance is accelerating its push into Bitcoin and digital assets.

Chapters:
00:00 Coinbase Wins CFTC Approval for Its Own Clearinghouse
01:29 Can SEC Guidance Last Without the Clarity Act?
02:40 SEC Custody Proposal: Helping Advisors Hold Bitcoin Directly
04:14 Tokenization: The Biggest Upgrade Since Electronic Trading
05:41 How Tokenization Cuts Out Wall Street’s Middlemen
07:34 What Washington Still Needs to Fix for Bitcoin Holders
08:56 Institutional Adoption Accelerates After the Clarity Act Vote
11:07 How Coinbase Is Bringing Digital Asset Infrastructure to Community Banks
12:01 Sponsor: Square
12:34 Is Crypto Really a Tool for Illicit Finance?

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

This post Coinbase’s Ryan VanGrack: CFTC Approval “Opens Many Doors” for Bitcoin first appeared on Bitcoin Magazine and is written by Patrick Green.

Bitcoin Magazine

Coinbase Business Chief: Big Banks Increasing BTC Exposure | Shan Aggarwal

New SEC rules could open the door for financial advisors to hold Bitcoin for their clients, and Coinbase is already at the center of that custody story. Shan Aggarwal, Coinbase’s first-ever Chief Business Officer, explains how Coinbase custodies most of the Bitcoin ETFs and supports the advisor community. He sees the advisor rule as expanding the pie for Bitcoin access, with Coinbase providing the infrastructure behind it.

Chapters:
00:00 How the SEC’s New Advisor Rules Could Bring Bitcoin to Wealth Managers
01:13 What BlackRock and JPMorgan Want From Bitcoin Infrastructure
02:16 What Will Drive the Next Wave of Bitcoin Adoption
03:28 Can the Coinbase One Card Turn Spenders Into Bitcoin Owners?
04:22 Coinbase’s Trillion-Dollar Stablecoin Opportunity
05:14 Coinbase and Citi Bring Stablecoin Payments to Merchants
05:56 Sponsor: SALT Lending
06:26 How Coinbase Customers Are Using Bitcoin Lightning
07:37 Will AI Agents Pay in Bitcoin or Stablecoins?
08:30 Coinbase Expands Into Collectibles and Everyday Bitcoin Rewards

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

This post Coinbase Business Chief: Big Banks Increasing BTC Exposure | Shan Aggarwal first appeared on Bitcoin Magazine and is written by Patrick Green.

Bitcoin Magazine

SEC Proposes New Rules On Crypto Custody 

The U.S. Securities and Exchange Commission has proposed new rules to update how investment advisers and regulated funds hold assets, with a big focus on crypto.

In a statement Thursday, the Wall Street watchdog said it would allow advisers and funds acting through their advisers, to hold client crypto themselves, but only if no permitted custodian is available. 

Regulators are pushing ahead with rulemaking for the digital asset space despite lawmakers blocking the Clarity Act last month. 

JUST IN: SEC Chairman Paul Atkins releases a statement to address the custody of crypto assets.

"Since the advent of Bitcoin in 2008, the crypto asset market has grown from a niche curiosity into a multi-trillion-dollar asset class" pic.twitter.com/SbLR2HAeW1

— Bitcoin Magazine (@BitcoinMagazine) October 1, 2026

The long-awaited legislation — a framework for distinguishing between digital assets that are securities, commodities or payment stablecoins — didn’t get the votes needed to advance. 

“Since the advent of Bitcoin in 2008, the crypto asset market has grown from a niche curiosity into a multi-trillion-dollar asset class to which investors actively seek exposure. Unfortunately, our rules and regulations have not kept pace,” SEC Chairman Paul S. Atkins said in a statement.

“To that end, today’s proposal would provide a clear regulatory framework for the custody of crypto assets, giving investment advisers and funds a compliant pathway where none existed before — and replacing the grey of uncertainty created by custody rules crafted for a bygone era.”

The regulator said in its proposed rules that records kept on a blockchain could count toward compliance, subject to conditions. 

It added that it would allow use of state trust companies as custodians for client and regulated fund crypto assets, subject to conditions.

Lawmakers blocked the Clarity Act in a procedural vote last month. Regulators had said before the vote that regardless of whether the landmark legislation passed, they’d still start regulating the crypto industry.  

The SEC before the vote sent a proposal to the White House aiming to “clarify the framework for the custody of crypto assets” for investment advisers and companies. 

Pro-crypto Atkins said he would still work to make the U.S. the “crypto capital of the world” regardless of the landmark legislation getting through. 

This post SEC Proposes New Rules On Crypto Custody  first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

TL;DR

• Blockchain.com is reportedly preparing a U.S. IPO that could raise about $500 million.
• Bloomberg reports the company is discussing a valuation of roughly $4 billion to $6 billion.
• The plans remain private and could change; Blockchain.com has not announced a final offering size or pricing date.

Blockchain.com is reportedly trying to become the next major crypto company to reach the U.S. public markets.

The company is discussing an initial public offering that could raise roughly $500 million, according to Bloomberg, citing people familiar with the plans.

A potential valuation in the range of $4 billion to $6 billion is being discussed.

The Numbers Are Targets, Not Final Terms

Blockchain.com has not publicly priced an IPO.

There is no final share count, offer price or trading date.

The figures currently circulating represent targets being discussed with prospective investors and advisers.

Bloomberg reports that the company could accept a smaller capital raise depending on market conditions.

That matters because private IPO preparations can change substantially before a company reaches a public roadshow.

Blockchain.com declined to comment on the reported plans.

The company was valued at approximately $7 billion in a private funding round in 2023, meaning the proposed public-market range would not necessarily restore its previous private valuation.

Crypto IPOs Are Testing Public-Market Appetite Again

The timing is interesting.

Crypto companies have spent several years moving between periods of aggressive expansion and long stretches where public listings were effectively off the table.

A $500 million Blockchain.com offering would be another test of whether public-market investors are ready to fund large crypto-native businesses again.

Blockchain.com operates wallets, brokerage and institutional infrastructure and has been active since the early years of Bitcoin.

It also announced a partnership with the New York Stock Exchange earlier this month around tokenized U.S. securities.

That does not guarantee an IPO will happen.

The listing process depends on market conditions, regulatory filings and investor demand.

The valuation target can also move before an offering is launched.

Still, the reported range gives a useful indication of what the company and its advisers believe the public market might support.

Crypto companies once relied heavily on venture capital and private token markets for funding.

More of them are now trying to use conventional equity markets as well.

If Blockchain.com proceeds, investors will get another chance to decide how they value a mature crypto business whose revenues span several different parts of the industry.

For now, it remains a proposed transaction.

The ambition is clear: raise hundreds of millions of dollars and return Blockchain.com to a multibillion-dollar valuation on the public market.

This article was written by the News Desk and edited by Samuel Rae.