According to the company CFO, Bithumb was “strengthen[ing] accounting policies and internal controls” ahead of its IPO plans, already delayed from 2025. South Korea-based cryptocurrency exchange Bithumb is reportedly expecting its initial public offering (IPO) sometime after 2028, in another delay after restructuring and regulatory hurdles. According to a Tuesday report from Maeil Business News Korea, a Bithumb official said that it would “focus on preparing for the listing until 2027.” CFO Jeong Sang-gyun said at the company’s annual shareholder meeting that Bithumb was “strengthen[ing] accounting policies and internal controls” following an IPO advisory contract with Samjong KPMG. Shareholders reconfirmed CEO Lee Jae-won for a two-year appointment at the Tuesday meeting, but the delayed IPO timeline was the latest after Bithumb initially expected a 2025 listing. Under Lee, the exchange faced a six-month suspension and a $24 million fine from South Korean authorities for alleged anti-money-laundering violati...
The Treasury published its notice of proposed rulemaking as the market capitalization of dollar-pegged stablecoins neared $300 billion. The US Department of the Treasury issued a notice of proposed rulemaking (NPRM) on Wednesday and is seeking public comment on proposed regulations for state-level stablecoin governance frameworks under the GENIUS Act. The GENIUS stablecoin regulatory framework, also known as the “Guiding and Establishing National Innovation for US Stablecoins Act,” gives states the authority to regulate stablecoins with a market cap of less than $10 billion, as long as the regulations do not deviate significantly from federal policies. The Treasury outlined several non-negotiable stablecoin regulations that must be in line with Federal regulations, including a 1:1 reserve backing with cash or high-quality cash equivalents and monthly reporting requirements. States must also comply fully with federal anti-money laundering and sanctions policies for stablecoins, while upholding bans on token r...