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Today in crypto, Grayscale has submitted an IPO application in the United States. Singapore asserts that only fully regulated, reserve-supported stablecoins will qualify as settlement assets under forthcoming legislation, and President Donald Trump has ratified a contentious funding bill, concluding the longest US government shutdown.
Asset manager Grayscale submits for US IPO
Grayscale Investments, a company specializing in asset management for digital investments, has submitted a registration statement as part of the process for public listing on US markets.
In a Thursday submission to the US Securities and Exchange Commission, Grayscale announced its intention to list shares of its Class A common stock on the New York Stock Exchange under the ticker symbol GRAY. The firm indicated that the initial price would be established “through a directed share program” for investors in its Grayscale Bitcoin Trust ETF and Grayscale Ethereum Trust ETF.
The Form S-1 submission was a component of the asset management company’s steps toward going public, yet it was not effective at that moment. According to the SEC’s history of approvals, it may take weeks to months for the registration statement to become effective and the company to arrange its share listing.
Grayscale’s submission coincided with the first day the SEC is anticipated to resume normal operations following a 43-day government shutdown. While companies were permitted to make submissions during the agency’s limited staffing period, it was improbable that the SEC could have progressed with approvals of IPOs or investment vehicles like ETFs.
The public SEC submission took place approximately four months after Grayscale had confidentially filed for an IPO. Based on information in the registration statement, the asset manager reported around a $20 million decline in net income year-over-year, totalling $203.3 million in September 2025 compared to $223.7 million in September 2024.
Singapore cautions that unregulated stablecoins present systemic risk as new regulations approach
Singapore’s central bank has indicated an imminent shakeout of unregulated stablecoins as the nation aims to safeguard the integrity of assets within its financial ecosystem.
During a keynote address at the Singapore FinTech Festival on Thursday, Monetary Authority of Singapore Managing Director Chia Der Jiun cautioned that “unregulated stablecoins have a inconsistent history of maintaining their peg.”
“There has been considerable focus on stablecoins. They are presented as open platforms, capable of functioning across numerous applications and use cases,” Chia remarked. “While flexibility is an asset, stability must be reinforced.”
Chia likened depeggings to the money-market fund crises of 2008, asserting that unregulated stablecoins are “not appropriate as secure settlement assets for large wholesale transactions.” This indicates that Singapore intends to establish a clear separation between fully regulated tokens and all other stablecoins.
Chia stated that the upcoming phase of digital currency necessitates not only speed and programmability but also stability.
While stablecoins are marketed as open, adaptable platforms operating across applications and borders, he emphasized that this should be complemented with credible backing and redemption rights.
Trump ratifies bill concluding US government shutdown
US President Donald Trump has endorsed a funding bill approved by the House of Representatives on Wednesday, officially concluding the 43-day government shutdown.
The funding bill was passed in the Senate on Monday and approved by the House of Representatives on Wednesday, with Trump signing the bill just hours afterwards to restore government operations.
This recent shutdown, which has become nearly an annual occurrence, was the longest recorded at 43 days.
The bill itself permits funding to sustain government functions until January 30, 2026, and provides additional time for Democrats and Republicans to negotiate a deal for broader funding strategies extending into 2026.
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