Crypto IPO Plans Crumble + SEC Clarifies Stablecoin Stance

China Hits Back With 34% Tariff on US Goods as Trade War Escalates

China has announced a 34% tariff on all US imports starting April 10, matching President Trump’s new duties on Chinese goods and escalating tensions toward a full-scale trade war. Beijing called the move a form of “unilateral bullying” and warned it harms international trade norms. Global markets reacted sharply, with major indices dropping and investors fleeing to US Treasuries. In addition to the tariffs, China banned exports of certain rare earths and blacklisted US tech firms like Skydio and Brinc Drones, intensifying the economic standoff at a critical time for China’s economy.

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Coinbase Derivatives to Launch XRP and Nano XRP Futures Amid Regulatory Clarity

Coinbase Derivatives has filed with the CFTC to launch cash-settled XRP futures and nano XRP futures, set to begin trading on or after April 21. The contracts will be benchmarked to the MarketVector Coinbase XRP index, with the standard contract covering 10,000 XRP and the nano version 500 XRP. This move follows a legal victory for Ripple, after the SEC chose not to appeal a ruling that XRP sales via exchanges don’t violate securities laws. Coinbase aims to offer institutional and retail traders a regulated, capital-efficient way to gain XRP exposure. The new offerings expand Coinbase’s existing derivatives lineup, which already includes products tied to major cryptocurrencies and traditional commodities.

Trump-Era SEC Declares It Has No Jurisdiction Over Certain Stablecoins, Easing Regulatory Pressure

The U.S. SEC, under Trump-appointed leadership, announced that certain stablecoins fall outside its jurisdiction, stating they are not securities and don’t require registration. This marks the latest move from the agency’s newly formed Crypto Task Force, which previously stepped back from regulating memecoins and proof-of-work mining. The statement emphasized that stablecoins used purely for payments and value storage—like USDC—aren’t investment vehicles, though Tether’s USDT may be excluded due to its reserve composition and redemption limitations.

The clarification is nonbinding but reflects a broader shift in the SEC’s stance toward digital assets, with many prior enforcement actions being dropped. Meanwhile, Congress is advancing bipartisan stablecoin legislation, and speculation grows around further deregulatory moves as Trump’s nominee for SEC chair, Paul Atkins, awaits Senate confirmation. Commissioner Hester Peirce hinted NFTs may be next in line for similar treatment.

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Crypto IPO Plans Crumble Amid Market Turmoil and Trump’s Global Tariffs

Several crypto firms that were preparing to go public in the U.S. are now expected to scrap their IPO plans due to a sharp market downturn and rising uncertainty sparked by President Trump’s new global tariff policy. Industry insiders say it’s nearly impossible to launch an IPO in such volatile conditions. Even established tech players like Klarna have pulled out, and crypto firms—which already struggle to go public—face an even steeper uphill battle.

Circle recently filed for an IPO but may already be reconsidering, with prediction markets and insiders hinting at a retreat. COIN shares have dropped nearly 8% in a day, reflecting investor risk aversion. Trump’s tariff announcement, including a baseline 10% import tax starting April 5, has been labeled by some experts as a catastrophic policy move, with fears of a global recession now rising.

Resources:

Financial Times

The Block

sec.gov