6th June

You can read last week's “This week in crypto” here.

Circle Internet Group, the issuer of the USDC stablecoin, has successfully launched its initial public offering (IPO) on the New York Stock Exchange under the ticker symbol CRCL. The IPO was priced at $31 per share, surpassing the initial projected range, and raised nearly $1.1 billion, giving Circle a market capitalisation of approximately $6.8 billion. This move signifies a significant step towards integrating cryptocurrency firms into mainstream financial markets.

The company's profitability is partly attributed to interest income from reserves backing USDC. While USDC trails behind Tether's USDT in market value, analysts note potential for growth, especially as regulatory clarity emerges. The proposed GENIUS Act in Congress, aimed at regulating stablecoins, could further benefit Circle, a US-based firm, compared to competitors like Tether, now headquartered in El Salvador.

Circle's successful IPO could pave the way for additional crypto-related public offerings, reflecting growing investor confidence in the cryptocurrency market. This development underscores the increasing acceptance of digital assets in traditional financial systems.

At the Bitcoin 2025 conference in Las Vegas, Reform UK leader Nigel Farage pledged to spearhead a "crypto revolution" in Britain. He announced plans to integrate cryptocurrencies and digital assets into the financial mainstream, unveiling the "Cryptoassets and Digital Finance Bill," which proposes a 10% capital gains tax on crypto and the establishment of a national bitcoin reserve within the Bank of England.

Farage expressed a commitment to making London a global hub for cryptocurrency trading, following steps taken by US President Trump, who signed executive orders earlier in the year to create national crypto stockpiles. Additionally, Farage announced that Reform UK would become the first British political party to accept donations via cryptocurrencies.

Farage also highlighted his past experience of being debanked by NatWest due to his political views, vowing to introduce legislation that prevents banks from closing accounts merely for engaging in legal crypto transactions. This move aims to safeguard the rights of crypto holders from being unfairly excluded from traditional financial systems.

Bitcoin Vegas showcased the growing tensions within the cryptocurrency community. US Vice President JD Vance delivered a keynote address, emphasising the Trump administration's support for digital assets. However, the event also highlighted a rift between crypto purists, who advocate for decentralisation and minimal government involvement, and political supporters aligning Bitcoin with the MAGA movement. Critics argue that the increasing politicisation of Bitcoin contradicts its foundational principles of neutrality and self-sovereignty.

The presence of Trump officials and MAGA-themed merchandise underscored this shift, with some attendees expressing concern over the potential long-term implications of intertwining cryptocurrency with partisan politics. Speakers like Ross Ulbricht, recently pardoned by Trump, emphasised the importance of maintaining Bitcoin's original ethos. International delegates from countries like El Salvador and Pakistan observed the US's approach, noting its potential global impact.

While the conference highlighted Bitcoin's mainstream political and financial integration, it also raised questions about the future direction of the cryptocurrency. The ideological divide suggests a need for ongoing dialogue within the community to reconcile differing visions for Bitcoin's role in society.

In recent weeks, the US has seen significant legislative activity concerning cryptocurrency regulation. The Senate advanced the GENIUS Act, a bill aimed at establishing a federal regulatory framework for stablecoins. The act introduces measures addressing foreign-issued stablecoins, mandates audits, prohibits offering yields, and enhances anti-money-laundering protocols. The Senate passed a motion to proceed with the bill by a 69-31 vote.

However, the bill has faced criticism due to potential conflicts of interest, notably President Trump's family ties to cryptocurrency ventures. In response, Senate Democrats introduced the End Crypto Corruption Act, aiming to ban federal officials and their families from investing in or endorsing digital assets.

Additionally, the House of Representatives introduced the Digital Asset Market Clarity (CLARITY) Act to establish a US regulatory framework for digital assets, following the Senate's stablecoin bill. These legislative efforts reflect the increasing influence of the cryptocurrency industry and the government's growing interest in integrating cryptocurrencies into mainstream financial oversight.

This week in crypto, significant developments unfolded across the globe. Circle's successful IPO marked a milestone for crypto integration into mainstream finance. In the UK, Nigel Farage pledged to spearhead a "crypto revolution," aiming to make London a global hub for cryptocurrency trading. The Bitcoin 2025 conference in Las Vegas highlighted ideological divides within the crypto community, as political affiliations increasingly influence the direction of digital assets. Meanwhile, the US advanced significant legislative measures, including the GENIUS Act and the CLARITY Act, to establish regulatory frameworks for stablecoins and digital assets, reflecting the government's growing involvement in the cryptocurrency sector.

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