The Daily: Trump’s sweeping tariffs could derail crypto IPOs, Bo Hines talks White House strategy and more
Quick Take Several crypto firms that were preparing to go public in the U.S. are now likely to delay or cancel IPO plans due to the market volatility caused by President Donald Trump’s new global tariffs. Former football player and congressional candidate Bo Hines now leads the White House’s crypto efforts and spoke with The Block to discuss the administration’s crypto strategy.
The following is adapted from The Block’s newsletter, The Daily , which comes out on weekday afternoons.
Happy Friday! Seems President Trump's tariffs have made investors cautious, especially when it comes to predicting whether companies like Circle will go through with their initial public offerings (IPOs). But hey, at least you can watch (much more moderated) Pump.fun livestreams again.
In today's newsletter, experts say that Trump's tariffs could pause or halt crypto firms from going public, the odds of Circle's IPO faltered on Polymarket, Bo Hines talks about the White House's crypto strategy and more.
Meanwhile, the social finance protocol Lens launched the Lens Chain mainnet.
Let's get started.
Experts warn Trump’s tariffs will likely derail crypto IPO plans
Several crypto firms that were preparing to go public in the U.S. are now likely to delay or cancel IPO plans due to the market volatility caused by President Donald Trump’s new global tariffs.
- Industry experts warn that launching an IPO during a collapsing market is unwise, drawing parallels to the 2008 financial crisis.
- While tech firms like Klarna have already scrapped IPO plans, the outlook is even worse for crypto firms, which rarely go public.
- Circle recently filed a Form S-1 with the Securities and Exchange Commission and signaled IPO intent, but rumors suggest it may now be reconsidering.
- Investor appetite is dwindling in today’s deflationary and uncertain environment, making crypto equities particularly unattractive.
- Factors like interest rate concerns, reluctant underwriters and cautious VC backers are further cooling IPO ambitions in the sector.
Circle IPO odds tumble on Polymarket
The likelihood of Circle's IPO occurring this year dropped from 96% to 71% on Polymarket after Trump's tariff announcement rattled markets.
- Market sentiment turned sour after the crypto news aggregator Velo posted that Circle had delayed its IPO, which users widely shared on social media.
- Circle had filed a prospectus earlier in the week, fueling optimism that it would finally go public in a favorable market for stablecoins.
- Circle has not publicly addressed or confirmed any changes to its IPO timeline as of publication.
Bo Hines discusses quarterbacking the White House’s crypto strategy
Former football player and congressional candidate Bo Hines now leads the White House’s crypto efforts under President Trump, serving as executive director of the Presidential Council of Advisers for Digital Assets.
- Hines, who got into crypto after playing in the 2014 Bitcoin Bowl, compares the industry’s collaborative spirit to a football team united by shared challenges and goals.
- The Trump administration has taken a proactive and crypto-friendly approach, establishing a strategic bitcoin reserve, planning targeted industry summits and opposing central bank digital currencies.
- Lawmakers are advancing key crypto legislation, including a stablecoin bill and a market structure bill, with Trump aiming to sign both into law before the August recess.
Memecoin launchpad Pump.fun reopens livestreaming to 5% of users
Solana-based memecoin platform Pump.fun has resumed livestreaming for 5% of users after suspending the feature in November 2024.
- The platform introduced stricter content moderation rules prohibiting violent, harmful or illegal content, and penalties for breaking these guidelines, including suspensions and permanent bans.
- Pump.fun's content guidelines aim to foster a creative and engaging environment while allowing some NSFW content, provided the material doesn't violate core safety policies.
- The platform retains full discretion over content moderation and allows banned users to appeal if they believe a mistake was made.
Codex raises $15.8 million in Dragonfly-led seed round
Codex, a blockchain startup focused on enterprise stablecoin solutions, raised $15.8 million in seed funding led by Dragonfly Capital with participation from major crypto firms including Coinbase, Circle and Wintermute.
- Built as an Ethereum Layer 2 using Optimism's tech stack, Codex aims to solve issues like UX friction, workflow incompatibility and regulatory uncertainty for businesses adopting crypto.
- The platform emphasizes privacy, low transaction fees and fiat conversion options to meet institutional needs.
Next week
U.S. nonfarm payroll figures are due on Friday, April 11, and the Paris Blockchain Week kicks off in France.
Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
SoftBank reports first quarterly loss in two years! $3.7 billion impairment in US data center project, AI investments face pressure
SoftBank Group reported a net loss of 1.12 trillion yen in its second fiscal quarter, marking its first quarterly loss in nearly two years. The main reasons are the write-off of nearly $3.7 billion in advance payments due to adjustments in the procurement of power supply equipment for its AI data center in Ohio, USA, a shift of the Vision Fund from profit to loss, and a surge in the cost of high-debt financing. Since the June peak, SoftBank's share price has fallen more than 50%.
Expanding computing power on one hand, grabbing spectrum on the other! Barclays optimistic about SpaceX (SPCX.US) acquiring T-Mobile: Complementary advantages of ground networks and Starlink
After Space's stock price rose for two consecutive days, Barclays stated that T-Mobile is the "cleanest" choice among SpaceX’s potential acquisition targets. Barclays considers Verizon a major unknown, while AT&T has the lowest strategic fit.
Will the Federal Reserve raise rates in December? Tonight's CPI will be the final verdict!
The October CPI data will be released tonight, with the market pricing in an 86% chance of a rate hike. Goldman Sachs predicts a core CPI month-on-month increase of only 0.16%, much lower than market expectations. However, statistical distortions in health insurance and declines in used car prices—these "soft factors"—are unlikely to be reflected in the core PCE, which the Federal Reserve places greater emphasis on. The data may trigger a relief rally, but it is unlikely to change the underlying hawkish sentiment.
A 14x PE is not a bargain! Renowned wealth management CEO warns: If Nvidia (NVDA.US) earnings are revised down by 5%, its stock price could drop by 40%.
Ritholtz Wealth Management CEO Josh Brown questioned the idea that a 14x P/E ratio is a bargain and issued a warning: "If Nvidia's earnings over the next 12 months are revised down by 5% from our expectations, the stock could potentially drop by 40%."
Crypto prices
More
