Today in crypto, Grayscale has filed an IPO application in the United States. Singapore says only fully regulated, reserve-backed stablecoins will count as settlement assets under upcoming legislation, and President Donald Trump has signed a disputed funding bill, ending the longest US government shutdown.
Asset manager Grayscale files for US IPO
Grayscale Investments, an asset management company specializing in digital asset investments, has filed a registration statement as part of the process for going public on US markets.
In a Thursday filing with the US Securities and Exchange Commission, Grayscale said it intended to list shares of its Class A common stock on the New York Stock Exchange under the ticker symbol GRAY. The company said the initial price would be determined “through a directed share program” to investors in its Grayscale Bitcoin Trust ETF and Grayscale Ethereum Trust ETF.
The Form S-1 filing was part of the process for the asset management company to go public, but it was not yet effective. Based on the SEC’s record of approvals, it could take anywhere from weeks to months before the registration statement becomes effective and the company prepares to list its shares.
Grayscale’s filing came on the first day the SEC is expected to return to normal operations after a 43-day government shutdown. Though companies were able to submit filings while the agency had limited staff and capabilities, it was unlikely that the SEC would have been able to move forward with approvals of IPOs or investment vehicles like ETFs.
The public SEC filing occurred about four months after Grayscale had filed confidentially for an IPO. According to data in the registration statement, the asset manager reported about a $20 million decrease in net income year-over-year, to $203.3 million in September 2025 from $223.7 million in September 2024.
Singapore warns unregulated stablecoins pose systemic risk as new rules near
Singapore’s central bank has signaled a forthcoming shakeout of unregulated stablecoins as the country moves to protect the integrity of assets within its financial ecosystem.
In a keynote speech at the Singapore FinTech Festival on Thursday, Monetary Authority of Singapore Managing Director Chia Der Jiun warned that “unregulated stablecoins have a patchy record of keeping their peg.”
“There has been a lot of attention on stablecoins. They are offered as open platforms, able to work across many different applications and use cases,” Chia said. “While agility is a strength, stability needs to be reinforced.”
Chia compared depeggings to the money-market fund runs of 2008, and said that unregulated stablecoins are “not suitable as safe settlement assets for large wholesale transactions.” This signals that Singapore intends to draw a clear distinction between fully regulated tokens and all other stablecoins.
Chia said that the next phase of digital money requires not just speed and programmability but also stability.
While stablecoins are promoted as open, composable platforms that move across applications and borders, he said this needs to be matched with credible backing and redemption rights.
Trump signs bill ending US government shutdown
US President Donald Trump has signed off on a funding bill passed by the House of Representatives on Wednesday, officially ending the 43-day government shutdown.
The funding bill went through the Senate on Monday and passed the House of Representatives on Wednesday, with Trump signing the bill just hours later to get the government back up and running.
The latest shutdown, which has become an almost annual affair, was the longest on record at 43 days.
The bill itself enables funding to support government operations until Jan. 30 2026, and gives more time for Democrats and Republicans to strike a deal for broader funding plans across 2026.
