By the Winklevoss brothers' cryptocurrency exchange Gemini, on the 6th, submitted a draft registration statement for an initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC).
Gemini stated in its statement on the 6th that the proposed IPO of Class A common stock has not yet determined the number of shares or pricing range. The specific timeline of the IPO will depend on the SEC completing its review process and other market conditions.
Background of Gemini IPO
Gemini's action follows closely behind the stablecoin issuer Circle, which submitted an IPO application in April and began trading this week. According to The Block report, the cryptocurrency exchange Kraken is also rumored to be preparing to submit an IPO application.
Since Trump took office as president, the cryptocurrency industry has experienced a more friendly regulatory environment. Trump publicly stated that he wanted to make the United States the "cryptocurrency capital" and had appointed officials with a friendly attitude towards cryptocurrency to federal agencies such as the SEC.
It is worth noting that the Winklevoss brothers were supporters of President Trump and had donated bitcoins worth millions of dollars during his campaign.
Previously, the SEC had sued Gemini in 2023 over the Gemini Earn program, alleging that it provided unregistered securities trading services. By April 2025, the SEC and Gemini jointly submitted a motion seeking a "potential solution", with the lawsuit ultimately expected to be dismissed or settled.
Financial Magnates reported that Gemini's preparations for the IPO included addressing key legal issues, such as ending the SEC's investigation into the "Earn" lending program and reaching a settlement with the Commodity Futures Trading Commission (CFTC) regarding fines.
Shift in Regulatory Environment
U.S. crypto lawyers analyzed that the currently proposed bills in Congress are moving towards establishing a shared regulatory framework between the CFTC and SEC, which may grant the CFTC jurisdiction over digital commodity spot trading, thereby expanding the CFTC's role in the cryptocurrency market.
Additionally, U.S. legislation on stablecoins is approaching its final stage, which may also promote more institutional adoption and impact the valuation of companies like Circle that benefit from regulatory tailwinds.
