Significantly, Circle could issue an IPO ahead of Ripple despite the recent rumors of a Ripple IPO circulating. Ripple is currently in a legal battle with the SEC and would need SEC approval for an IPO. The SEC v Ripple case has been ongoing since December 2020.
Amicus curiae attorney and CryptoLaw US founder John E. Deaton recently shared his views on a Ripple IPO, saying,
“Ripple has ZERO plans of issuing an IPO before June 2024.”
However, Deaton did disclose that he had ZERO insider information.
SEC v Coinbase Case Update
Coinbase (COIN) went public in April 2021. Despite going public, the SEC took legal action against Coinbase in June 2023. The SEC filed charges against Coinbase for allegedly operating as an unregistered securities exchange, broker, and clearing agency. Additional charges included the unregistered offering and selling of securities in connection with its staking-as-a-service program.
Significantly, Coinbase filed a motion to dismiss (MTD) the charges in August 2023. After the SEC opposition filing to the MTD and the Coinbase reply brief, the two parties must submit a proposed schedule for the January 17 court date for Oral arguments. The court deadline for submissions is November 17.
Anticipation of BTC Spot ETFs
On Tuesday, Bloomberg Intelligence ETF Analyst Eric Balchunas shared the latest the on BTC-spot ETF market, saying,
“SCOOP: Ex-Cantor Execs Launching Crypto Lending Platform for Expected Spot Bitcoin ETFs (which should help Aps).”
According to the Bloomberg report, Cantor Fitzgerald execs launched Digital Prime Technologies Tokenet, a crypto lending platform established to serve operators of BTC-spot ETFs. Tokenet offers the secure and efficient lending of digital assets.
While the markets expect the SEC to approve one, some, or all of the spot ETF applications, the lack of an SEC approval has left BTC in a sideways trend.