Dragonfly Capital Managing Partner: No matter who wins, the post-election environment is favorable for potential crypto IPOs

Odaily News Rumor has it that crypto-related companies such as stablecoin issuer Circle Internet Financial, cryptocurrency exchange Kraken, custody provider Fireblocks, analytics firm Chainalysis and trading platform eToro could go public in the next year or two. The rumors have been circulating for months, but none of them have yet gone public, although Circle did confidentially submit its IPO plans to the U.S. Securities and Exchange Commission in January. Several industry insiders have blamed the lack of cryptocurrency IPOs in recent years on current SEC Chairman Gary Gensler, who has led multiple enforcement actions against industry giants such as Coinbase, Binance and Kraken. For some industry observers, the prospects for cryptocurrency IPOs have become brighter no matter who wins the U.S. presidential election in November. Republican presidential candidate Trump has expressed strong support for the crypto industry and promised to fire Gensler if he wins. His Democratic opponent, Vice President Harris, has been more silent on the topic, but she has expressed support for establishing a regulatory framework for digital assets with appropriate protections. “The post-election environment should be favorable for potential crypto IPOs, regardless of who wins,” said Haseeb Qureshi, managing partner at crypto venture capital fund Dragonfly Capital. He said that while Trump may push the SEC to take a more pro-crypto stance, Harris will likely “replace Gensler with someone of her own choice, which should lead to softer cryptocurrency regulation in the U.S..” However, Qureshi added: “Some companies that have had disputes with the SEC may find that it is still difficult under a Harris administration. But the road to IPOs for companies like Fireblocks and Chainalysis should be much easier, perhaps even before next fall.” (Bloomberg)