News 
February 19, 2025 
4 min. 
The crypto sector now finds itself at a pivotal moment as there is more regulation to curb the excessive freedom the industry has enjoyed, in addition to scrutiny from conventional finance. Mike Belsche, CEO of BitGo, believes that in order to establish trust, firms within the industry must take the public route. Belsche spoke at Consensus Hong Kong 2025 on February 19, placing great emphasis on trust, regulatory capture, and the convergence of digital assets with the financial capital of the world.
Given the haunting memories of the FTX collapse that shattered the trust of many investors, going public could finally give crypto firms the accountability they need to gain trust and faith. Although Belsche seemed to suggest the possibility of a BitGo IPO, he offered no guarantees or firm statements on the matter.
Why Public Listings Matter for Crypto Firms
Belsche stressed that Wall Street firms want transparency, and the failures of privately held crypto companies have made due diligence more critical than ever. “One of the things I think, in order to address Wall Street, you’ll [need to] be a public company,” he explained.
He pointed to the collapse of FTX as a cautionary tale, noting how traditional finance attempted to work with the crypto exchange—only for it to end in one of the industry’s biggest scandals. Belsche believes that the oversight provided by the Securities and Exchange Commission (SEC) is key to ensuring that crypto firms operate with accountability. “It is a key part of delivering trust, so it’s in the destiny [to go public],” he added.
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Joining the discussion, Bullish CEO Tom Farley agreed that public offerings could be a game-changer. “A listing on a public, very well-respected market is a great thing because it demonstrates your willingness to be transparent about your finances, and it provides a lot of confidence,” Farley noted.
Regulatory Shifts and Crypto’s Path Forward
Beyond corporate governance, Belsche also addressed the changing regulatory landscape in the United States. He pointed out that with Donald Trump back in office and a Republican-controlled Congress, there’s a real opportunity for pro-crypto policy shifts.
“So not only do you have Trump, of course, you’ve got the House and the Senate controlled by the Republicans, so there’s an opportunity to make real change,” Belsche said. He also noted that new crypto-friendly appointments at the SEC and Commodity Futures Trading Commission (CFTC) could pave the way for better regulations and industry growth.
While neither Belsche nor Farley confirmed specific IPO timelines, their discussion made one thing clear: the crypto industry’s next evolution will likely involve major firms going public. By embracing regulation and transparency, crypto companies can build trust with Wall Street and secure a stronger future in global finance.
