Crypto Must Go Public!

Mike Belsche believes that crypto companies going public are key to attracting Wall Street's trust.

Author

Danielle du Toit
February 19, 2025

Crypto Order Sparks National Digital Asset Focus

A newly signed executive order aims to build a national digital asset stockpile, highlighting the strategic potential of blockchain. DeFi Technologies Inc. (US: DEFTF & CAD: DEFI.NE) stands at the forefront by offering regulated exchange traded products that simplify digital asset access. As the U.S. takes strides in crypto policy, discover how DeFi’s approach may align with this emerging infrastructure.

Here's what we've got for you today:

  • Crypto Firms Need to Go Public to ‘Address Wall Street’- BitGo

  • Reeve Collins Unveils Pi Protocol to Compete with Tether’s Dominance

  • Norwegian Prosecutors Target Four in Alleged $80M Crypto Ponzi Scheme

  • Coinbase Execs Hit with Stakeholder Suit Claiming They Downplayed Bankruptcy Risks

BitGo CEO Mike Belsche believes that crypto companies going public are key to attracting trust in digital assets.

  • BitGo co-founder Mike Belsche stated at Consensus Hong Kong 2025 that going public is essential for crypto firms to gain Wall Street's trust, especially after FTX’s failure.

  • Wall Street firms now prioritize diligence and regulatory oversight, and Belsche is convinced that SEC compliance is crucial for building trust in the industry.

  • Both Belsche and Bullish CEO Tom Farley hinted at potential IPOs for their respective companies, and agreed that public listings enhance transparency and investor confidence.

Reeve Collins, the co-founder of Tether, is making a return with the USP stablecoin.

  • Tether co-founder Reeve Collins is returning to the stablecoin market with Pi Protocol, which will launch the USP stablecoin on Ethereum and Solana.

  • USP will be minted via smart contracts in exchange for yield-bearing USI tokens, with backing tied to bonds and real-world assets. Its fiat peg details remain unclear.

  • Pi Protocol will enter a highly competitive stablecoin market, where USDT, USDC, and Ethena’s USDe dominate.

Four men were charged with orchestrating an $80 million investment fraud and allegedly laundering funds through a law firm’s accounts.

  • Norwegian authorities charged four men for allegedly running a large-scale crypto investment scam that defrauded thousands of investors out of $80 million.

  • The scheme funneled illicit funds through a law firm’s accounts to obscure its origins, and deceived investors with false claims of holdings in gas, mining, and real estate.

  • The case was labeled as one of the largest investment frauds in recent years, and Norway’s National Authority for Investigation and Prosecution of Economic and Environmental Crime shared that victims were misled into believing they were investing in a profitable and well-structured financial venture.

Coinbase and several of its executives were hit with a lawsuit alleging they misled investors about its risk of bankruptcy and violated securities laws.

  • A Coinbase shareholder filed a lawsuit in a New Jersey federal court on Feb. 18, alleging that Coinbase did not disclose that customer assets could be part of its bankruptcy estate. This makes retail customers unsecured creditors.

  • The lawsuit claims Coinbase engaged in proprietary trading to offset declining crypto prices, which is very concerning as it involved trading with the company’s own funds.

  • The complaint also references the SEC’s June 2023 lawsuit, which accused Coinbase of listing unregistered securities and failing to register with the agency.

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