Crypto Firms Accelerate IPO Plans as U.S. Regulation Turns More Favorable, JPMorgan Says
A more welcoming regulatory climate in the U.S. is fueling a sharp rise in crypto company IPOs and venture capital inflows, according to a new research note from JPMorgan.
Driven by progress on the GENIUS Act — a bipartisan bill that outlines oversight rules for large stablecoins — digital asset firms are finding fresh confidence to tap public markets. The bill, which recently advanced in the U.S. Senate, has become a bellwether for the crypto industry’s hopes for regulatory clarity, the bank’s analysts wrote.
“With regulatory barriers lowering, we’re seeing a pickup in IPO filings and VC activity across the sector,” said the report, led by strategist Nikolaos Panigirtzoglou.
So far in 2025, the number of initial public offerings in crypto matches the pace seen during the sector’s 2021 boom, and more companies — including Ripple, Kraken, ConsenSys, and Bullish — are reportedly preparing to go public.
Venture capital is also rebounding, with annualized investment levels now surpassing those from both 2023 and 2024, JPMorgan noted.
The GENIUS Act would impose federal oversight on stablecoins with market caps above $10 billion, while offering flexibility for state-level regulation in compliance with national standards.
According to the bank, the IPO surge provides traditional investors with new exposure to crypto infrastructure, custody services, payment rails, and tokenization platforms — beyond core assets like bitcoin (BTC $105,320.42) and ether (ETH $2,438.16).
