Why crypto’s red-hot IPO rally risks grinding to a halt

Group 1: Company Developments - Consensys, creator of the crypto wallet MetaMask, has selected Goldman Sachs and JPMorgan as underwriters for its upcoming public listing, joining other crypto companies in entering the public markets this year [1] - Consensys was last valued at $7 billion in 2022, indicating significant market interest and potential for growth [1] Group 2: Industry Trends - The move by Consensys to go public reflects the broader financial industry's increasing acceptance of digital assets, with major firms like BlackRock and Franklin Templeton also entering the market [2][3] - There is a sense of urgency for crypto companies to go public, as regulatory clarity may lead to new compliance regimes that could impact market conditions within the next 12 to 18 months [4][5] Group 3: Market Conditions - Concerns have been raised about the sustainability of the current rally in crypto markets, with predictions that Congress has until early next year to pass key market structure legislation before mid-term elections could halt lawmaking [5] - Regulatory uncertainty in the US is seen as a potential cooling factor for crypto companies looking to go public, alongside the influence of US monetary policy and investor interest in cryptocurrencies [6]