This step underscores the growing intersection between the crypto market and traditional financial systems. BitGo’s filing was made under Form S-1, the standard document required by companies seeking to list on U.S. exchanges. However, details such as the number of shares to be offered or the anticipated price range remain undisclosed at this stage.

What Did BitGo Announce?

According to the company’s statement, the IPO will move forward following the completion of the SEC’s review process and depending on favorable market conditions.

The potential public listing of BitGo on U.S. stock markets highlights a growing demand among institutional players for secure crypto custody services. It also signals a new phase where assets like Bitcoin and Ethereum may become even more deeply embedded within the operations of institutional finance.

It’s important to note that this announcement does not constitute an investment offer or solicitation. The offering, if and when it occurs, will be conducted in accordance with the provisions of the U.S. Securities Act of 1933.

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This leadership shift comes at a pivotal time for U.S. crypto taxation policy, as the agency faces mounting internal and external pressures.

Senior Figures Step Down

As of May 5, two crypto-focused specialists with private sector backgrounds stepped down from their roles within the IRS after about a year of service. Sulolit “Raj” Mukherjee, who held the position of Executive Director of Compliance and Implementation, and Seth Wilks, responsible for Strategy and Development, both confirmed their departures.

In a public statement, Wilks noted the challenges faced by federal employees in recent months, adding, “If stepping aside helps someone else keep their job, I’m at peace with that decision.”

IRS Tightens Oversight on Crypto Activities

In recent years, the IRS has ramped up its scrutiny of digital asset transactions, intensifying audits and launching more criminal investigations. It has also worked on expanding its reporting rules, including controversial proposals affecting decentralized finance (DeFi) platforms.

One such proposal, which would have required DeFi platforms to report transaction data and gross proceeds, was scrapped during Donald Trump’s previous term. Initially set to take effect in 2027, the rule faced backlash from the crypto community due to concerns over privacy and compliance burdens.

A Softer Regulatory Stance in Washington

With the return of the Trump administration, U.S. federal agencies have begun scaling back stringent regulations that were viewed as stifling digital asset innovation. For instance, the Securities and Exchange Commission (SEC) has paused several enforcement actions, and the Department of Justice has disbanded its cryptocurrency enforcement unit.

Meanwhile, concerns are growing within the IRS itself. A recently reintroduced deferred resignation policy by Trump has reportedly led over 23,000 IRS employees to consider leaving their posts, raising alarms about staffing stability and morale.

Under Turner’s leadership, the agency will be tasked with redefining its digital asset strategy. In a changing political and regulatory environment, how the IRS approaches the crypto space moving forward remains a key question.

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Nigeria to Tax Cryptocurrency Transactions: New Regulations on the Way

The Nigerian government is accelerating efforts to regulate and tax cryptocurrency transactions, aiming to strengthen control over the digital asset market while boosting national revenue.

Despite ranking among the top countries in crypto adoption, Nigeria has taken a cautious approach to digital assets, imposing restrictions in 2021. At the time, the Central Bank of Nigeria (CBN) banned financial institutions from facilitating crypto transactions, citing concerns over transparency and potential use in illicit activities.

However, the ban did little to deter Nigerian investors. Many turned to peer-to-peer (P2P) platforms, leading to a surge in unofficial trading volumes. Recognizing the resilience of the crypto community and its economic potential, the government lifted the ban in December 2023.

Following this policy shift, the Securities and Exchange Commission (SEC) introduced new guidelines allowing banks to manage cryptocurrency accounts. Additionally, the Finance Act 2022 paved the way for taxing crypto transactions, integrating the sector into the national tax framework. Under the new regulations, virtual asset service providers (VASPs) must obtain licenses to operate legally. Nigerian crypto platforms Busha and Quidax have already secured provisional licenses.

Comparison with South Africa

Unlike Nigeria, South Africa has adopted a more structured and inclusive regulatory approach. The country’s Financial Sector Conduct Authority (FSCA) recognizes crypto service providers as financial institutions, offering them a clear regulatory framework. This provides a more stable environment for crypto businesses, contrasting with Nigeria’s evolving and often uncertain policies.

The long-term impact of Nigeria’s new tax and regulatory measures on its crypto ecosystem remains to be seen.

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The court’s decision closed another legal route for Terraform Labs co-founder Kwon, dismissing his appeal due to legal inconsistencies.

Kwon has been at the center of global investigations since the collapse of his crypto empire in 2022. The United States and South Korea accuse him of fraud and other financial crimes related to the $40 billion Terra Luna crash. Both countries have requested his extradition.

The Montenegro court’s ruling means Kwon’s legal fate remains uncertain, as the international extradition case could set a precedent for cross-border accountability in the crypto space.

The Ongoing Legal Battle Since the Terra Luna Collapse

Kwon’s legal battle began after the collapse of his crypto ecosystem, Terra Luna, in May 2022, wiping out approximately $40 billion in market value.

The event triggered investigations into allegations of fraud, market manipulation, and violations of securities laws. Kwon was arrested in Montenegro in March 2023 while attempting to use a fake passport.

Considered one of the most significant events in crypto history, the collapse of the Terra Luna ecosystem shook investor confidence in stablecoins and decentralized finance (DeFi), leading to increased regulatory crackdowns worldwide.

In April, a U.S. court found Terraform Labs and Kwon liable for fraud in a case initiated by the U.S. Securities and Exchange Commission (SEC), accusing them of knowingly misleading investors and recklessly handling customer funds.

Since his arrest, the Montenegrin judiciary has been dealing with the complexities of Kwon’s dual extradition requests, with the decision expected to have a significant impact on the geopolitical dynamics between the U.S. and South Korea.

The Terraform-SEC Lawsuit

In June, Terraform Labs agreed to pay approximately $4.47 billion as part of its settlement with the SEC. This included $3.6 billion in disgorgement fines, a $420 million civil penalty, and about $467 million in pre-judgment interest.

According to the settlement plan, Kwon was fined $110 million in disgorgement, $80 million in civil penalties, and approximately $14.3 million in pre-judgment interest.

Montenegrin Prime Minister’s Involvement with Terraform Labs

Almost a week after Terraform Labs‘ settlement with the SEC, findings from an April court document sparked controversy regarding the involvement of Montenegrin Prime Minister Milojko Spajić with the crypto firm.

According to a report from Montenegrin media outlet Vijesti, Spajić, who took office in October 2023, had invested $75,000 to purchase 750,000 Terra tokens from the firm in April 2018.

Until the SEC disclosed the documents, Spajić had claimed that he had never personally invested in the collapsed crypto project. However, the documents revealed his name on the list as one of the first investors of Terraform Labs, disproving this claim.

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The Senate committee postponed the renomination vote for Democratic Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC), leaving her position at the agency uncertain.

Crenshaw’s Renomination Vote Postponed, No Date Set

Crenshaw’s renomination vote was scheduled as part of the U.S. Senate Banking Committee meeting on the morning of December 11. However, according to a report from Bloomberg, Senate Banking Committee Chairman Sherrod Brown postponed the meeting just minutes before it was set to begin.

Republican Senators blocked Brown’s request to hold the vote later that day. Brown later stated that corporate special interests were running a “disgusting smear campaign” against Crenshaw. No date has been set for her renomination.

The postponement of Crenshaw’s renomination vote opens up the possibility of a three-person Republican SEC majority under the new administration following Donald Trump‘s presidential inauguration next year.

Trump Chooses Paul Atkins as SEC Chairman; Crenshaw’s Future Uncertain

Trump selected Paul Atkins as the next SEC Chairman on December 4. Analysts expect his confirmation between March and April 2025, depending on how quickly the Senate Banking Committee acts.

On December 7, Cody Carbone, president of the Digital Chamber, said in the Unchained Crypto podcast that Trump may strengthen his control over the agency by nominating an independent candidate to the five-person board, potentially creating a 4-to-1 majority of Trump-aligned commissioners.

Currently, the SEC commission consists of two Republicans, Hester “Crypto Mom” Peirce and Mark Uyeda, and three Democrats, Caroline Crenshaw, Gary Gensler, and Jaime Lizarraga. If Crenshaw is re-nominated, she would be the only Democratic commissioner on the SEC.

SEC Chairman’s Resignation and Growing Criticism of Crenshaw

On November 21, current SEC Chairman Gary Gensler announced he would resign from the agency on January 20, 2025. Lizarraga plans to leave the agency on January 17 to spend time with his wife, who is battling cancer.

Within the crypto industry, many are calling for Crenshaw’s removal. Coinbase CEO Brian Armstrong described her as a “failure of an SEC Commissioner” in a December 9 post on X.

“She tried to block the Bitcoin ETFs and was worse than Gensler on some issues (which I didn’t think was possible),” Armstrong said. “The Senate Banking Committee should take note – the crypto community is watching this vote.”

Related tweet:

On December 11, Carbone sent a letter to Brown and Republican Senator Tim Scott, criticizing Crenshaw’s anti-crypto stance.

“In her dissent on spot Bitcoin ETPs, Commissioner Crenshaw mischaracterized the integrity of the Bitcoin market, relying on outdated data and flawed arguments that failed to account for significant advancements in market structure and oversight,” wrote Carbone.

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According to three sources familiar with the matter, Trump is awaiting confirmation from Atkins regarding his acceptance of the role.

Paul Atkins, who served as an SEC commissioner during the George W. Bush administration, has been actively supporting the crypto industry since leaving the commission.

Since 2017, he has co-chaired the Token Alliance at the Chamber of Digital Commerce and has been providing regulatory advisory services to digital finance firms through Potomak Global Partners, the consultancy he founded in 2009.

George Mason University professor J.W. Verret, a former SEC Advisory Committee member:

“Senate Republicans really respect the tradition of Commissioner Paul Atkins,”
“He was the first time anyone had been a true libertarian and SEC commissioner, and that was a unique thing.”

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Under Gary Gensler’s leadership, the SEC actively pursued numerous enforcement actions against cryptocurrency organizations, consistently applying existing securities laws to crypto assets and alleging violations related to fraud and unregistered offerings.

If Paul Atkins accepts the nomination for SEC chair, he is expected to bring a pro-innovation and crypto-friendly approach to the agency. Unless Trump opts for a recess appointment while the Senate is out of session, the nomination will require Senate approval.

John Reed Stark, who worked with Atkins at the SEC in 2008:

“There was never a commissioner in the history of the commission that was more respectful and thankful of the staff at the commission,”

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Trump‘s transition team consulted with leaders in the cryptocurrency industry to gather their perspectives on the chairmanship role before making its decision.

The president-elect is delivering on his promises to the crypto community. Trump has proposed the establishment of a “Crypto Advisory Council” to help shape cryptocurrency policy and pledged to create a “Strategic Bitcoin Reserve” using crypto assets seized by the government.

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In an Oct. 2 amicus brief, U.S. Solicator General Elizabeth Prelogar and SEC senior attorney Theodore Weiman argued in that the case had “sufficient details” to support the revival of the litigation, which had earlier been withdrawn by a lower court. Emphasizing that increasing criminal prosecutions and civil enforcement activities by the DOJ and SEC depends entirely on meritorious private cases, they urged the Supreme Court to let the appellate court ruling to stand.

The lawsuit largely centers on CEO Jensen Huang’s purported attempts to reduce the company’s dependency on the unstable crypto market as well as Nvidia’s accused concealment of over $1 billion in sales linked to crypto mining. According to the class group, crypto miners drove Nvidia’s sales, which crashed and resulted in large losses for investors when the crypto market dropped in 2018.

Declaring it based on produced expert opinions, Nvidia has tried to overlook the case. The DOJ and SEC refuted this assertion, contending that this was false, nevertheless. They also supported the response of the class group, which included tales from former Nvidia executives and Bank of Canada research alleging Nvidia undervaluation of their crypto income by $1.35 billion.

Apart from the DOJ and SEC, twelve former officials of the SEC have filed an amicus brief in behalf of the investors, arguing that private enforcement of securities laws is crucial to safeguarding the integrity of American capital markets. They opposed Nvidia’s position, alleging that it would produce an illogical judicial precedent by requiring plaintiffs to obtain internal business documents before discovery and forbade expert opinion at the initial phases of a dispute.

The Supreme Court will now consider the appeal given other parties keep turning in briefs supporting the investor class complaint.

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Concerns Over Current Disclosure Practices

Uyeda declared in a July 1 statement on the official SEC website the acceptance of new regulations and form changes to apply the Registered Index-Linked Annuities (RILA) Act. Although the statement mostly covers modifications to Form N-4 submissions, Uyeda gently attacked the SEC’s treatment of crypto assets.

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Uyeda underlined the shortcomings of the present system in footnote 3 of the statement by calling for modifications to Form S-1 filings to properly represent the special character of digital assets. “Many of these issuers and crypto digital assets have traits for which Form S-1 may technically require information that is not relevant or applicable but does not require certain information that may be material,” Uyeda said. He underlined that the present strategy “neither promotes capital generation nor protects investors.”

Industry Reaction and Ongoing Legal Battles

Head of government relations at cryptocurrency venture capital company Paradigm Alexander Grieve pointed out that this was the first time Uyeda has openly advocated a customized disclosure rule for cryptocurrencies. “The SEC under a different admin would be a very different place” Grieved said. Praising Uyeda’s remarks, the U.S.-based cryptocurrency advocacy organization Blockchain Association also said his approach is “nuanced, innovation-forward, exactly what the sector needs.”

Just a few days after the SEC sued Ethereum development company Consensys on June 28, claiming that MetaMask’s wallet application behaved as an unregistered broker engaged in the “offer and sale of securities” Uyeda’s comment came The lawsuit includes aimed at Ethereum staking products as Lido DAO and Rocket Pool, MetaMask employs for Ether (ETH) staking.

Consensys sued the SEC in April in response to a Wells notice, contesting efforts to label ETH and associated staking services as securities.

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A United States court has not been persuaded by cryptocurrency exchange Binance to reject most of the allegations leveled against it by the securities regulator of the nation. Judge Amy Berman Jackson decided on June 28 that allegations pertaining to Binance’s staking scheme, the sale of BNB after its initial coin offer, and anti-fraud offenses will go forward.

Main Arguments to Move Forward

Along with the argument that Binance was compelled to register under the Exchange Act, the court’s ruling also permits the claim that former Binance CEO Changpeng “CZ” behaved as a “control person” to continue. For the Securities and Exchange Commission (SEC), the result was not quite ideal however. All the claims regarding secondary market sales of BNB and all the sales connected with the Binance USD (BUSD) stablecoin were dismissed by Judge Jackson. Regarding the decision to dismiss the BNB secondary market sales argument of the SEC, she relied on Judge Analisa Torres’s conclusion in the SEC’s action against Ripple. For the securities regulator, finance attorney Scott Johnsson said this is a “big loss.”

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Upcoming Court Hearing

Jackson set a July 9 court date. Under Gary Gensler’s direction, the SEC sued Binance in June 2023 alleging it operated unlawfully in the United States and issued unregistered securities. Approximately 3 months later, Binance and CZ sought to have the SEC action thrown out on the grounds that the particular agency exceeded its legal authority. Seven of the US states: Alaska, Florida, Maine, North Carolina have either suspended or did not allow Binance to renew its money transmitter license. CZ is now on a four-month imprisonment sentence for the violation of regulations on money laundering.

Thus, Binance, which counts more than 200 million users and manages over $ 100 billion, remains the largest cryptocurrency exchange to this date, although it faces legal issues on an ongoing basis.

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Fee Plans and Competitive Pricing

On Friday afternoon, well-known brands like BlackRock, VanEck, Franklin Templeton, Grayscale Investments, Invesco Galaxy, and 21Shares turned in their revised filings. Franklin Templeton and VanEck especially revealed their fees: 0.19% and 0.20%, respectively. Senior Bloomberg ETF analyst Eric Balchunas pointed out that these costs are competitive and said, “VanEck is in and so is their charge, which will be 0.20%, which is pretty darn cheap, right around Franklin’s 0.19%.” This competitive pricing strains other companies, like BlackRock, to maintain low prices.

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Seed Funding and Market Forecast

The filings also included seed investments; the sponsor of the 21Shares Core Ethereum ETF, 21Shares US LLC, made a sizeable $340,739 seed investment. Franklin Templeton and Invesco Galaxy both revealed $100,000 starter investments each. These purchases highlight the companies’ dedication and faith in the Ethereum ETF space.

Last month the SEC authorized 19b-4 forms for eight Ethereum ETFs; issuers still need to get their S-1s, often known as S-3s, effective before trading can begin. The SEC earlier in the year authorized five spot bitcoin ETFs with fees ranging between 0.21% and 0.39%.

Balchunas sees a major turning point in the crypto investing scene when these Ethereum ETFs open by July 2.

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