Circle, the issuer behind the $60 billion stablecoin USDC, is making another run at becoming a public company. The firm filed an S-1 form with the Securities and Exchange Commission on Tuesday, seeking approval to list shares on the New York Stock Exchange under the ticker “CRCL.”

The U.S. Securities and Exchange Commission and Gemini., the crypto exchange founded by Cameron and Tyler Winklevoss, are considering ending a legal battle that began under the previous administration.

A coalition of UK digital economy trade groups is calling on Prime Minister Keir Starmer’s government to make crypto a strategic focus and appoint a dedicated envoy for blockchain policy.

Top stories in the Crypto Roundup today:

• Stablecoin Issuer Circle Files for IPO Following $1.7B Reserve Revenue Windfall
• SEC Signals Possible Settlement in Gemini Crypto Lawsuit Amid Regulatory Shift
• UK Trade Groups Urge Government to Adopt Crypto as ‘Strategic Priority’

Stablecoin Issuer Circle Files for IPO Following $1.7B Reserve Revenue Windfall

Circle, the issuer behind the $60 billion stablecoin USDC, is making another run at becoming a public company. The firm filed an S-1 form with the Securities and Exchange Commission on Tuesday, seeking approval to list shares on the New York Stock Exchange under the ticker “CRCL.”

In 2024, Circle brought in $1.7 billion in reserve income—generated from the interest earned on cash and U.S. Treasury holdings that backed its stablecoin, accounting for 99% of its total revenue.

Circle has tried to go public in the past. A 2021 plan to go public via a SPAC merger fell through after the company missed regulatory milestones. This time, Circle has taken the initial public offering (IPO) route, filing a draft registration in January 2024. The move comes as Washington’s posture toward crypto has softened since President Donald Trump took office earlier this year.

The firm has tapped JPMorgan Chase as lead bookrunner, with Citigroup, Barclays, Deutsche Bank and SG Americas also on the deal. Reports suggest the company could fetch a valuation between $4 billion and $5 billion.

SEC Signals Possible Settlement in Gemini Crypto Lawsuit Amid Regulatory Shift

The U.S. Securities and Exchange Commission and Gemini., the crypto exchange founded by Cameron and Tyler Winklevoss, are considering ending a legal battle that began under the previous administration.

The SEC has asked a New York federal judge for a 60-day pause in its civil enforcement case against Gemini. The suit, filed in 2023, alleges that Gemini and its former lending partner Genesis Global Capital illegally raised billions through the Gemini Earn program, which promised interest to users who deposited crypto. 

The motion to delay comes as enforcement trends shift under the Trump administration. Since President Donald Trump took office, the SEC has backed away from several high-profile crypto lawsuits, including cases against Coinbase, Binance and Uniswap. Ripple also said last month that the SEC is planning to drop its ongoing litigation.

Gemini, for its part, has already resolved parts of its legal tangle. In January, it paid $5 million to settle a separate case with the Commodity Futures Trading Commission. And in a settlement with New York’s Department of Financial Services, the company agreed to return at least $1.1 billion to customers impacted by the collapse of its Earn program.

UK Trade Groups Urge Government to Adopt Crypto as ‘Strategic Priority’

A coalition of UK digital economy trade groups is calling on Prime Minister Keir Starmer’s government to make crypto a strategic focus and appoint a dedicated envoy for blockchain policy.

In a letter dated March 31, six trade associations—including techUK, Global Digital Finance and the UK Cryptoasset Business Council—asked Starmer’s special adviser on business and investment, Varun Chandra, to coordinate national policy around digital assets and blockchain. 

They argued the UK is at risk of falling behind jurisdictions like Dubai, Singapore and the U.S., which recently named a special envoy for crypto under the Trump administration.

The groups urged Downing Street to create a government-wide action plan to foster investment, attract top firms, and align policy with other emerging technologies like quantum computing and AI. They also pushed for a “concierge” service to help blockchain businesses navigate regulatory hurdles and a standing industry-government-regulator forum for better decision-making.

The economic stakes are high, the group said. Blockchain and crypto could generate up to £57 billion ($73.6 billion) for the UK economy in the next 10 years, while boosting global GDP by more than £1.3 trillion ($1.8 trillion) by 2030, they said.

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