The developer of the non-custodial wallet MetaMask, ConsenSys, has postponed its plans to go public in the U.S. According to CoinDesk, the listing will not occur until at least fall.
Initially, Joseph Lubin's company planned to file with the SEC by the end of February, engaging bankers from JPMorgan and Goldman Sachs in the process.
The delay is attributed to unfavorable market conditions. In February, the cryptocurrency market declined due to macroeconomic uncertainty and a withdrawal of funds from Bitcoin ETFs, leading investors to lose interest in riskier assets.
ConsenSys is not the only company to revise its plans amid volatility; trading platform Kraken and wallet manufacturer Ledger have also announced pauses in their IPO preparations.
Currently, the only major cryptocurrency company to have gone public this year is BitGo. However, after a successful debut, its shares have fallen 46.9% below the offering price.
In the first quarter, BitGo's revenue reached $3.8 billion, a 112.6% increase compared to the same period last year. This growth was driven by sales of digital assets and stablecoin issuance services. The company also launched a derivatives trading service, with trading volume on the platform around $3 billion.
Despite the revenue growth, the firm's net loss increased to $60.7 million from $25.7 million a year earlier. BitGo attributed the losses to a paper revaluation of Bitcoin on its balance sheet and expenses related to employee payouts following the IPO.
Crypto Regulation
Bill Hughes, ConsenSys's Director of Regulatory Affairs, urged the U.S. Senate to expedite the passage of the CLARITY Act. He stated that the lack of clear regulations is forcing American crypto businesses to move offshore.
🚨America Is Handing the Crypto Market to Foreign Competitors. The CLARITY Act Would Change That.🚨
— Bill Hughes 🦊 (@BillHughesDC) May 8, 2026
The United States is the largest cryptocurrency market on the planet. American users moved over $1 trillion in crypto transactions in the first seven months of 2025 alone. And yet…
Hughes warned that using foreign exchanges poses national security risks, making it harder for regulators to combat money laundering and sanction evasion.
The CLARITY Act proposes federal registration for crypto exchanges and brokers, requiring platforms to comply with AML regulations and providing the Treasury with tools to monitor transactions.
According to Hughes, the law is essential for major financial institutions. Banks and investment funds are ready to adopt blockchain technology but are waiting for a legal framework. This would help create high-tech jobs and maintain the U.S.'s leadership in the industry.
U.S. Senators Jack Reed and Tina Smith have prepared amendments to the CLARITY Act ahead of the final committee vote.
News: Sens. Reed (D-R.I.) and Smith (D-Minn.) have filed an amendment ahead of Thursdays markup that will force senators to choose between crypto and the banks
— Brendan Pedersen (@BrendanPedersen) May 13, 2026
The amendment would incorporate bank’s changes to stablecoin yield restrictions. Tough tough vote for bank-friendly Rs pic.twitter.com/ldxJRmfnQT
Over 100 comments have been submitted regarding the project, with 40 from Senator Elizabeth Warren. She proposed banning the Federal Reserve from opening master accounts for crypto companies.
Reed suggested prohibiting the use of digital assets as legal tender, including for tax payments.
The American Bankers Association has sent more than 8,000 letters to senators, primarily objecting to the compromise on stablecoin yields, as experts believe the new rules could negatively impact the traditional financial sector.
🚨NEW: Since last Friday, @ABABankers members have sent more than 8,000 letters to Senate offices urging lawmakers to fix the stablecoin yield compromise, per a source familiar with the effort. It apparently does not include a separate phone call campaign.
— Eleanor Terrett (@EleanorTerrett) May 12, 2026
The Senate Banking Committee will review the updated document on May 14.
Recall that in November 2025, Ripple CEO Monica Long denied plans for the fintech company's IPO.