Petr Kozyakov, CEO of crypto payments platform Mercuryo, told Cointelegraph that the future of finance may not be a winner-takes-all scenario but a blend of digital assets and fiat, each used where it makes the most sense. 

In a Cointelegraph interview, Kozyakov said that while crypto payments are seeing an increase in adoption and demand, the asset class won’t be fully replacing fiat money anytime soon. He said the two asset classes will coexist, with people choosing the more convenient payment option in different situations. 

“We don’t think crypto will replace fiat,” Kozyakov told Cointelegraph. “They will coexist, and people will turn to crypto when it’s the easier, more practical option, whether that’s for payroll, yield or money transfers.”

Mercuryo Petr Kozyakov at the Token2049 event in Dubai. Source: CointelegraphCrypto payroll gains momentum as payment options expand

Crypto as a salary payment option is no longer a novelty. Kozyakov told Cointelegraph that more companies are settling employee salaries with crypto assets. 

“That is a growing trend,” Kozyakov said. “I see a lot of businesses that are starting to settle with their full-time employees and with their gig employees all over the world, in crypto.”

As more employees receive crypto salaries, new challenges can emerge. According to Kozyakov, workers paid in crypto may ask what they can do next with their funds. “You won’t invest everything and just wait. You need to use it for everyday purchases,” Kozyakov told Cointelegraph. 

This is where practical spending options are needed. Kozyakov said that crypto earners are looking for ways to use their digital asset incomes in daily life scenarios, whether buying coffee, going out for drinks or settling utility bills. 

As crypto becomes an option for employee salaries, there has also been a growing acceptance of crypto in employee contracts in some jurisdictions. In August 2024, a Dubai court recognized crypto as a valid form of salary payment. 

Related: OKX exec warns against hype amid real-world asset tokenization boom

Crypto, a powerful tool for moving and storing money

The executive also told Cointelegraph that Mercuryo views crypto as more than just a speculative asset but a powerful tool for moving and storing value. “Crypto is not only an asset; it’s the perfect rail to move money and store money. And it is essential to be able to spend it.”

The executive said that in practice, spending crypto can still be complex. He said it takes a few steps, including moving it to an exchange, sending it to a bank account and answering “weird” questions from banks. 

Because of this, he highlighted a need for easier ways to spend crypto directly. The executive said that this is where their company comes in. On April 23, the payment services firm collaborated with the hardware wallet company Ledger on a crypto payment card that allows users to spend crypto where Mastercard payments are accepted. 

Kozyakov told Cointelegraph that seamless crypto payment options will drive wider crypto adoption, not just as an investment, but as a true medium of exchange for daily life.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Petr Kozyakov, CEO of crypto payments platform Mercuryo, told Cointelegraph that the future of finance may not be a winner-takes-all scenario but a blend of digital assets and fiat, each used where it makes the most sense. 

In a Cointelegraph interview, Kozyakov said that while crypto payments are seeing an increase in adoption and demand, the asset class won’t be fully replacing fiat money anytime soon. He said the two asset classes will coexist, with people choosing the more convenient payment option in different situations. 

“We don’t think crypto will replace fiat,” Kozyakov told Cointelegraph. “They will coexist, and people will turn to crypto when it’s the easier, more practical option, whether that’s for payroll, yield or money transfers.”

Mercuryo Petr Kozyakov at the Token2049 event in Dubai. Source: CointelegraphCrypto payroll gains momentum as payment options expand

Crypto as a salary payment option is no longer a novelty. Kozyakov told Cointelegraph that more companies are settling employee salaries with crypto assets. 

“That is a growing trend,” Kozyakov said. “I see a lot of businesses that are starting to settle with their full-time employees and with their gig employees all over the world, in crypto.”

As more employees receive crypto salaries, new challenges can emerge. According to Kozyakov, workers paid in crypto may ask what they can do next with their funds. “You won’t invest everything and just wait. You need to use it for everyday purchases,” Kozyakov told Cointelegraph. 

This is where practical spending options are needed. Kozyakov said that crypto earners are looking for ways to use their digital asset incomes in daily life scenarios, whether buying coffee, going out for drinks or settling utility bills. 

As crypto becomes an option for employee salaries, there has also been a growing acceptance of crypto in employee contracts in some jurisdictions. In August 2024, a Dubai court recognized crypto as a valid form of salary payment. 

Related: OKX exec warns against hype amid real-world asset tokenization boom

Crypto, a powerful tool for moving and storing money

The executive also told Cointelegraph that Mercuryo views crypto as more than just a speculative asset but a powerful tool for moving and storing value. “Crypto is not only an asset; it’s the perfect rail to move money and store money. And it is essential to be able to spend it.”

The executive said that in practice, spending crypto can still be complex. He said it takes a few steps, including moving it to an exchange, sending it to a bank account and answering “weird” questions from banks. 

Because of this, he highlighted a need for easier ways to spend crypto directly. The executive said that this is where their company comes in. On April 23, the payment services firm collaborated with the hardware wallet company Ledger on a crypto payment card that allows users to spend crypto where Mastercard payments are accepted. 

Kozyakov told Cointelegraph that seamless crypto payment options will drive wider crypto adoption, not just as an investment, but as a true medium of exchange for daily life.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Veteran US Internal Revenue Service (IRS) official Trish Turner was appointed to lead the agency’s digital assets division following the departure of two key crypto-focused executives.

Turner, who has spent over 20 years at the IRS and most recently served as a senior adviser within the Digital Assets Office, will now head the unit, according to a report from Bloomberg Tax citing a person familiar with the situation.

Her promotion marks a significant leadership transition at a time when US crypto tax enforcement is facing both internal and external pressures.

On May 5, Sulolit “Raj” Mukherjee and Seth Wilks, two private-sector experts brought in to lead the IRS’s crypto unit, exited after roughly a year in their roles.

Mukherjee served as compliance and implementation executive director, while Wilks oversaw strategy and development. Wilks announced his departure on LinkedIn, while Mukherjee confirmed his decision in a statement to Bloomberg Tax.

“The reality is that federal employees have faced a very difficult environment over the past few months,” Wilks wrote. “If stepping aside helps preserve someone else’s job, then I am at peace with the decision.”

Seth Wilks announced his departure on LinkedIn. Source: Seth Wilks

Related: Coinbase files brief with US Supreme Court in support of taxpayers’ privacy

IRS ramps up crypto scrutiny

The IRS has ramped up its focus on cryptocurrency in recent years, increasing audits and criminal probes targeting digital asset transactions.

It also attempted to introduce broad crypto broker reporting requirements, which drew sharp criticism from industry stakeholders and was eventually overturned by President Donald Trump.

Set to take effect in 2027, the so-called IRS DeFi broker rule would have expanded the tax authority’s existing reporting requirements to include DeFi platforms, requiring them to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions.

Related: NFT trader faces prison for $13M tax fraud on CryptoPunk profits

Turner’s leadership also comes during a shift in Washington’s approach to crypto regulation.

With the return of the Trump administration in January, federal agencies have scaled back regulations perceived as burdensome to digital asset innovation.

For instance, the Securities and Exchange Commission has dropped or paused over a dozen enforcement cases against crypto companies. Additionally, the Department of Justice has announced the dissolution of its cryptocurrency enforcement unit, signaling a softer approach to the sector.

Internally, the IRS is also navigating instability. Over 23,000 employees have reportedly expressed interest in resigning after Trump reintroduced a deferred resignation policy, raising concerns about long-term staffing and morale within the agency.

Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest, April 27 – May 3

The CEO of crypto exchange OKX’s Middle East and North Africa (MENA) division has called on the industry to prioritize real-world utility as interest in tokenizing real-world assets (RWAs) continues to grow.

In a Cointelegraph interview at the Token20249 event in Dubai, OKX MENA CEO Rifad Mahasneh warned that while tokenization is promising, projects must “clearly demonstrate” the benefits of tokenizing specific assets. 

“In some cases, we’re tokenizing things that don’t need tokenization, but in some cases, we’re tokenizing things that actually give you real, everyday value, right? And if you can see that everyday value, then that is a promising project,” Mahasneh told Cointelegraph.

He said hype can drive project growth in the Web3 space, but providing everyday value should be the priority. 

OKX MENA CEO Rifad Mahasneh at the Token2049 media lounge. Source: CointelegraphRWA tokenization gains traction in the UAE

Mahasneh’s comments come amid an increase in real-world asset tokenization projects in the Middle East, including the United Arab Emirates.

On May 1, MultiBank Group signed a $3 billion RWA agreement with the UAE-based real-estate firm MAG and blockchain infrastructure provider Mavryk — the largest RWA initiative worldwide to date. 

In addition to billions in RWA deals, the UAE government has started working on RWA tokenization. On March 19, the Dubai Land Department — the government agency responsible for promoting, organizing and registering real estate in Dubai — announced a pilot phase of its real-estate tokenization project. The agency is working with Dubai’s Virtual Assets Regulatory Authority (VARA), the emirate’s crypto regulator. 

On Jan. 9, RWA project Mantra also signed a $1 billion deal with Damac Group to tokenize the assets of the UAE-based conglomerate. However, months later, Mantra saw one of the biggest token collapses in crypto history, wiping out billions in market capitalization on April 13. 

Mahasneh told Cointelegraph that the region’s clear regulations help drive bigger institutions to get into tokenization and crypto. He said regulatory clarity allows understanding of how key players in the space, like exchanges, are governed. 

Related: Real estate not the best asset for RWA tokenization — Michael Sonnenshein

UAE stablecoin framework gives institutions confidence

The executive also praised the region’s progress in stablecoin regulations. In June 2024, the Central Bank of the UAE approved a regulatory framework for stablecoin licensing. This clarified the issuance, supervision and licensing of dirham-backed payment tokens. 

According to Mahasneh, this demonstrates the UAE’s speed in regulating crypto-related technologies. The executive also highlighted that the central bank’s involvement gives institutions extra confidence in entering the business. 

“Other markets are still debating whether they should have crypto regulations. Here, we moved into developing stablecoin regulations. For an investor, you want to know that your stablecoin is regulated. That’s a big plus,” Mahasneh said.

Since then, major players like Tether have joined the race by issuing a dirham-pegged stablecoin. On April 29, institutions like Abu Dhabi’s sovereign wealth fund, the Abu Dhabi Developmental Holding Company (ADQ), First Abu Dhabi Bank and the International Holding Company partnered to launch a dirham-pegged stablecoin, pending regulatory approval. 

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Opinion by: Simon Cain, contributor at Bitcoin Policy UK

Most jurisdictions globally are researching, developing or implementing retail central bank digital currencies (CBDCs). If you see these as harmless move-with-the-times digital updates of old-fashioned paper money, look again. CBDCs potentially mean financial serfdom via a monetary panopticon where the authorities closely control every transaction. 

If you think this sounds paranoid, just consider the words of Augustin Carstens, head of the Bank for International Settlements — the central bank for the world’s central banks. Lamenting the authorities’ current inability to control cash transactions, he says that with a CBDC, a “central bank will have absolute control on the rules and regulations that will determine use… also we will have the technology to enforce that.. that makes a huge difference with respect to what cash is.”

How “absolute control” might work

CBDCs could be programmed so you can only buy certain things from certain people, at certain times, within specific dates, or only in approved locations. Their validity could depend on compliance with all government policies (climate, medical, social, and tax). They could be subject to maximum or minimum holding limits. They could be programmed to discourage saving and encourage ‘investing’ in approved shares and bonds (such as the new EU ‘SIU’ initiative or in line with UK financial industry lobbying and ‘research’). 

Politicians and central bankers may say they do not intend to implement any such controls, but such assurances are worthless. To quote the UK Parliament’s own Economic Affairs Committee, “while the Governor of the Bank of England told the committee that he did not see a CBDC as a way to implement monetary policy, the committee noted that his successors may disagree”.

Freedom to transact is fundamental to freedom itself. Once you can no longer choose what you do with your money, you’re on the road to monetary serfdom. How can you defend yourself? 

Bitcoin fixes more than monetary serfdom 

Bitcoin fights financial subjugation. Because it’s the world’s most decentralized and censorship-resistant money, Bitcoin held in self-custody cannot be frozen or confiscated, and its transactions cannot be stopped. This isn’t theoretical. It has already been proven in countless cases of financial repression all over the world, whether in Russia and Ukraine, Afghanistan and Cuba, or globally by organizations from WikiLeaks in 2011 to the Bitcoin Humanitarian Alliance in 2025. 

Recent: Is Bitcoin’s future in circular economies or national reserves?

But financial serfdom isn’t the only risk with CBDCs. The UK’s Economic Affairs Committee also points out that “a centralized CBDC ledger, which would be a critical piece of national infrastructure, could be a target for attack from hostile state and non-state actors.” Governments and public entities are always being hacked and leaking data, which they exacerbate by constantly hacking each other. Having your access to money entirely dependent on their competence is a terrible idea. 

Bitcoin fights financial institutional failure. And again, this isn’t theoretical — it has also already been proven. When banks fail, or their systems go down, Bitcoin always remains up and running because it is the world’s most reliable computer network. For well over a decade, Bitcoin has not been down for even a fraction of a second. 

Bitcoin is ultra-decentralized, and there have been zero successful hacks of the Bitcoin ledger itself during that period, despite its worth being in the trillions of dollars. Public or private, monetary or otherwise, no other large network can come close to this reliability and resistance to physical, virtual or political attack.

Nowhere is immune from digital fiat 

CBDCs look to be coming to the major Western economies. The European Central Bank is set to complete preparations for its ‘digital euro’ CBDC this year. Americans may now have a presidential order “prohibiting… a CBDC within the jurisdiction of the United States,” but stablecoins look set to become government CBDCs disguised in decentralized private-bank clothing, able to perform the same functions. 

The current US administration’s enthusiasm for stablecoins is remarkably aligned with the favored CBDC framework of the BIS, “a hybrid model which allows the division of labor between the central bank and private intermediaries.” For a peek into this potential stablecoin-as-CBDC world, just look at what being embedded in the US dollar system already means for the world’s leading stablecoin. “We follow US laws and regulations when it comes to freezing,” says Paolo Ardoino, CEO of Tether, which doesn’t even operate inside the United States. “We have on-boarded the FBI and US secret services; we work with the Department of Justice almost daily and the Treasury.”

Whether it’s called a CBDC or not, you’ll likely soon be subjected to some form of digital fiat. But, at present, there’s nothing to stop you from accessing some self-sovereign ‘outside-the-system’ money. As permissionless peer-to-peer digital cash, Bitcoin can defend against monetary serfdom and protect from the failures of financial institutions. And, in its own sly roundabout way, it is the best and only truly decentralized tool for doing so.

Opinion by: Simon Cain, contributor at Bitcoin Policy UK.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Efforts to pass crypto legislation in the US Senate face mounting resistance amid growing ethical concerns around US President Donald Trump’s ties to crypto.

In a May 5 letter to the Office of Government Ethics, Senators Elizabeth Warren and Jeff Merkley said that Trump and his family stand to personally profit from an investment involving UAE state-backed firm MGX, crypto exchange Binance and World Liberty Financial (WLFI).

The senators called for an urgent probe, warning the deal may violate the US Constitution’s Emoluments Clause and federal bribery statutes.

At the center of the controversy is WLFI’s USD1 stablecoin, reportedly chosen for a $2 billion investment MGX plans to make into Binance.

The senators said the transaction amounts to a potential backdoor for foreign influence and self-enrichment, with Trump’s allies allegedly set to receive hundreds of millions of dollars:

“This deal raises the troubling prospect that the Trump and Witkoff families could expand the use of their stablecoin as an avenue to profit from foreign corruption.”

Further complicating ethics concerns, Trump hosted a $1.5 million-per-plate dinner on May 5 at his golf club in Sterling, Virginia. The event came just days after hosting a $1 million-per-plate fundraiser for the MAGA super PAC.

He also plans to hold a gala dinner with major Official Trump (TRUMP) memecoin holders on May 22, despite multiple US lawmakers expressing concerns.

Source: Elizabeth Warren

Related: America’s crypto renaissance is already failing; but we can fix it

GENIUS Act faces roadblocks

The Trump family’s controversial $2 billion crypto deal comes as the Senate prepares to vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act and other crypto-related bills.

The fallout is already being felt in Congress. Some Democratic lawmakers are pushing for additional hearings before advancing any legislation, while others question whether Trump’s personal stake in digital assets is undermining bipartisan support for crypto regulation.

On May 5, Senate Majority Leader John Thune signaled a willingness to amend the GOP-backed stablecoin legislation to pass the bill in the coming weeks.

Speaking to reporters, Thune said changes can be made on the floor and that he is waiting to hear what Democrats are asking for, per a report from Politico.

Internal GOP challenges also remain, with Senator Rand Paul expressing uncertainty about backing the bill, according to the report.

The stalling isn’t limited to the Senate. House Financial Services Committee ranking member Representative Maxine Waters plans to block a Republican-led event discussing digital assets on May 6.

The hearing, “American Innovation and the Future of Digital Assets,” will discuss a new crypto markets draft discussion paper pitched by the House agricultural and financial services committee chairs, Representatives Glenn Thompson and French Hill, respectively.

Related: Elizabeth Warren joins call for probe of Trump over crypto tokens

Crypto community slams political pushback

Prominent crypto figures are speaking out as political resistance threatens to derail stablecoin legislation in the Senate.

“Elizabeth Warren and Chuck Schumer haven’t learned their lesson,” Tyler Winklevoss, co-founder of Gemini, posted on X.

“If they want Democrats to continue losing elections, they will continue standing in front of crypto legislation like the stablecoin bill which they are stalling out in the Senate.”

Source: Tyler Winklevoss

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Bitcoin Core developers have decided to remove a limit on transaction data in the next network upgrade, enabling more data to be included in a more efficient way. 

“Bitcoin Core’s next release will, by default, relay and mine transactions whose OP_RETURN outputs exceed 80 bytes and allow any number of these outputs,” read the announcement on GitHub by Bitcoin developer Greg Sanders on May 5. 

The long-standing limit was originally a “gentle signal that block space should be used sparingly for non-payment proof of publication data,” has outlived its utility, he added. 

The proposal (PR 32359) was created by Bitcoin pioneer Peter Todd at the request of Chaincode Labs. 

OP_RETURN is a special type of Bitcoin (BTC) transaction output that allows storing small amounts of data on the blockchain, popularized during the ordinals inscriptions craze in early 2024.

Unlike regular transaction outputs, OP_RETURN outputs are not spendable and don’t bloat unspent transaction outputs (UTXOs).

The original limit is no longer effective as people found ways around it, such as using fake output addresses, which are actually worse for the network, while some mining services were already ignoring the limit, said Sanders. 

“Large-data inscriptions are happening regardless and can be done in more or less abusive ways; the cap merely channels them into more opaque forms that cause damage to the network.” 

Related: Bitcoin block size could grow to 4 MB with inscriptions: Research

Benefits of removing the limit include a cleaner UTXO set, or database of spendable outputs, more consistent behavior across the network, and better alignment with how Bitcoin is actually being used, he added. 

Three possible paths were considered: keeping the cap, raising the cap and removing the cap, which was ultimately decided upon after earning “broad, though not perhaps unanimous, support.” 

A controversial change to Bitcoin 

“Many users find this to be an undesirable change for a number of reasons,” said Bitcoiner Samson Mow on X on May 5. He added that users “can refuse to upgrade and stay on 29.0 or run another implementation” of the network. 

Critics said that the proposal was introduced without a proper consensus process. 

“I think one thing is pretty clear, there is no consensus at the moment on this OP_RETURN issue,” said Ten31 Fund managing partner Marty Bent.

Some also expressed concerns about deprioritizing Bitcoin’s financial utility and raised questions about undisclosed conflicts of interest.

Critics of OP_RETURN limit removal. Source: moonsettler

Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest

Bitcoin Core developers have decided to remove a limit on transaction data in the next network upgrade, enabling more data to be included in a more efficient way. 

“Bitcoin Core’s next release will, by default, relay and mine transactions whose OP_RETURN outputs exceed 80 bytes and allow any number of these outputs,” read the announcement on GitHub by Bitcoin developer Greg Sanders on May 5. 

The long-standing limit was originally a “gentle signal that block space should be used sparingly for non-payment proof of publication data,” has outlived its utility, he added. 

The proposal (PR 32359) was created by Bitcoin pioneer Peter Todd at the request of Chaincode Labs. 

OP_RETURN is a special type of Bitcoin (BTC) transaction output that allows storing small amounts of data on the blockchain, popularized during the ordinals inscriptions craze in early 2024.

Unlike regular transaction outputs, OP_RETURN outputs are not spendable and don’t bloat unspent transaction outputs (UTXOs).

The original limit is no longer effective as people found ways around it, such as using fake output addresses, which are actually worse for the network, while some mining services were already ignoring the limit, said Sanders. 

“Large-data inscriptions are happening regardless and can be done in more or less abusive ways; the cap merely channels them into more opaque forms that cause damage to the network.” 

Related: Bitcoin block size could grow to 4 MB with inscriptions: Research

Benefits of removing the limit include a cleaner UTXO set, or database of spendable outputs, more consistent behavior across the network, and better alignment with how Bitcoin is actually being used, he added. 

Three possible paths were considered: keeping the cap, raising the cap and removing the cap, which was ultimately decided upon after earning “broad, though not perhaps unanimous, support.” 

A controversial change to Bitcoin 

“Many users find this to be an undesirable change for a number of reasons,” said Bitcoiner Samson Mow on X on May 5. He added that users “can refuse to upgrade and stay on 29.0 or run another implementation” of the network. 

Critics said that the proposal was introduced without a proper consensus process. 

“I think one thing is pretty clear, there is no consensus at the moment on this OP_RETURN issue,” said Ten31 Fund managing partner Marty Bent.

Some also expressed concerns about deprioritizing Bitcoin’s financial utility and raised questions about undisclosed conflicts of interest.

Critics of OP_RETURN limit removal. Source: moonsettler

Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest

Alex Mashinsky, the founder and former CEO of bankrupt crypto lending platform Celsius, has blasted the government’s 20-year “venom-laced” sentence request, declaring it a “death-in-prison sentence.”

The US Department of Justice requested Mashinsky receive at least 20 years behind bars in the May 8 sentencing for his role in misleading Celsius users and profiting from the price manipulation of Celsius (CEL), which would make the 59-year-old 79 if he serves the whole sentence.

Lawyers acting for Mashinsky argued in a May 5 reply memorandum filed in a New York district court that he should receive no more than 366 days, because the DOJ hasn’t taken into account his status as a nonviolent first-time offender with a previously unblemished 30-year history in business.  

“The government’s venom-laced submission recasts this case as one involving a predator with an intent to target victims, harm them, and steal their money,” they said.

“It concludes by recommending that a first time, nonviolent offender who pled guilty and accepts responsibility receive a death-in-prison sentence.”

Lawyers acting for Mashinsky argue the DOJ has ignored their client’s background in its sentencing request. Source: Court ListenerMashinsky pleaded guilty to two out of seven charges 

As part of a plea agreement, Mashinsky pleaded guilty in December 2024 to commodities fraud and manipulating the price of CEL, earning $48 million by selling his holdings before Celsius collapsed in June 2022. Prosecutors initially filed seven charges in July 2023.

Lawyers acting for Mashinsky allege the DOJ’s push for a 20-year sentence is because their client is unwilling to “capitulate to the government’s exaggerated characterizations of his actions,” specifically that he was a “fraud from the get-go.”

“Alex is inserted as the scapegoat for every corporate action, every group decision, every unanimous vote, every market fluctuation, and every employee’s watercooler speculation,” they said.

As part of its April 28 sentencing request, the DOJ said Mashinsky’s guilty plea showed that his crimes were deliberate, calculated decisions to lie, deceive and steal.

Days earlier on April 23, US federal prosecutors also filed statements from hundreds of victims who lost money due to the Celsius collapse. They detailed how some had entrusted their life savings to the protocol, believing Mashinsky’s assurances that it was safe.

Related: What do crypto users want to happen to Alex Mashinsky?

Celsius filed for Chapter 11 bankruptcy on July 13, 2022, owing $4.7 billion to creditors after halting withdrawals in June, citing volatile market conditions.

In November 2023, a US bankruptcy court approved Celsius’ restructuring plan to repay customers, and in August 2024, $2.53 billion was paid to 251,000 creditors.

Former Celsius chief revenue officer Roni Cohen-Pavon also pleaded guilty in September 2023 to similar charges, but his Dec. 11 sentencing has been delayed until after Mashinsky is sentenced.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

The Israel-based eToro Group says it’s looking for a valuation of up to $4 billion with its initial public offering in the US, as the stock and crypto trading platform forges ahead with listing on the Nasdaq.

The company and existing stockholders are aiming to raise $500 million through offering a total of 10 million shares priced between $46 to $50 apiece, eToro said on May 5.

A filing with the US Securities and Exchange Commission shows eToro is offering 5 million shares, with a further 5 million being put up by the likes of the company’s co-founder and CEO, Yoni Assia; his brother and executive director, Ronen Assia; along with venture firms Spark Capital, BRM Group and Andalusian Private Capital, among others.

The company offers stock and crypto trading targeting retail and plans to list on the tech-heavy Nasdaq Global Select Market under the ticker “ETOR.”

It’s slated to compete with Robinhood Markets Inc. (HOOD), which saw crypto trading dip in the first quarter but whose shares have climbed by nearly 30% so far this year, according to Google Finance.

In the filing, eToro said some BlackRock funds and accounts indicated interest in buying up to $100 million worth of shares at IPO. eToro has also put aside 500,000 shares to sell through a directed share program, typically targeted at employees.

The company reported that its revenue from crypto in 2024 was $12.1 billion, up from $3.4 billion in 2023. It expected crypto to account for 37% of its commission from trading activity in the first quarter of 2025, down from 43% in the year-ago quarter.

Source: Matthew Sigel

In a section of its filing listing possible risks to the business, eToro warned its users could leave, or it could struggle to get more users, due to negative perceptions of the cryptocurrencies it lists, “either as a result of media coverage or by experiencing significant losses.”

Other crypto-related risks the eToro flagged included US state-level crypto regulation, which it said “may place strain on our resources and make it difficult to operate in certain jurisdictions, if at all.”

It also said it expects “to continue to incur significant costs” due to the European Union’s Markets in Crypto-Assets (MiCA) laws “on an ongoing basis.”

IPOs ready to push after Trump tariff jolt 

EToro initially made confidential filings with the SEC in January for a public offering, before publicly announcing the plans on March 24.

The company reportedly delayed its IPO after President Donald Trump’s April 2 “Liberation Day” tariff announcements tanked global markets and stopped many in-the-works public offerings.

Related: Are Donald Trump’s tariffs a legal house of cards?

Crypto companies are also lining up to go public, with stablecoin issuer Circle filing on April 1 but then pausing its plans amid the uncertainty.

Crypto exchange Kraken is also reportedly considering a public offering for early next year, which has accelerated its plan with Trump’s election.

EToro’s public offering is led by Goldman Sachs, Jefferies, UBS Investment Bank and Citigroup.

Legal Panel: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight