Today in crypto, Representative Bryan Steil tells Cointelegraph he wants lawmakers to stop adding non-relevant clauses into crypto bills, Trump Media confirmed a capital raise to buy Bitcoin after initially denying reports it would, and Circle announced its initial public offering on the New York Stock Exchange.
Rep. Steil wants restraint on crypto bill additions
Republican Representative Bryan Steil told Cointelegraph on May 27 that he wants lawmakers to stop adding what he considers are non-relevant clauses into two key crypto bills, claiming that doing so is slowing the implementation of a regulatory framework for the industry.
“Individuals, when they see legislation that’s going to move forward, want to attach non-germane items to any bill that’s going to move through and be signed into law,” Steil, chair of the House Financial Services Subcommittee on crypto, told Cointelegraph at the Bitcoin 2025 conference in Las Vegas.
Stable Coin and Market Structure legislation will unlock the golden age of digital assets. pic.twitter.com/lSbX5p2Wqt
— Bryan Steil (@RepBryanSteil) May 27, 2025
“We have to restrain ourselves from that instinct and attempt by our colleagues — both sides of the aisle,” he added.
Crypto backers in Congress hope to pass stablecoin and market structure bills before a month-long August recess, which was hampered by Democrats who pulled support for the stablecoin bill earlier in May over concerns about President Donald Trump’s crypto ventures.
Steil argued the concerns related to Trump aren’t relevant to the bills, and the “text is focused on putting forward a regulatory framework in which we can enforce actions to strengthen this broader market.”
Trump Media Group reverses stance, confirms $2.5B Bitcoin capital raise
Trump Media and Technology Group (TMTG), the company that owns US President Donald Trump’s Truth Social platform and is partially owned by the president, confirmed a $2.5 billion capital raise to purchase Bitcoin after denying earlier reports of the deal.
According to a May 27 announcement from the company, the capital raise comprises a $1.5 billion stock sale and $1 billion in convertible senior secured bonds, with a 0% coupon. The sale is expected to close on May 29. TMTG CEO Devin Nunes said:
“We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets. This investment will help defend our Company against harassment and discrimination by financial institutions."
TMTG spokespeople responded to the initial report from the Financial Times, published a day before the announcement, with derision.
“Apparently, the Financial Times has dumb writers listening to even dumber sources,” TMTG representatives told the FT on May 26.
USDC issuer Circle moves forward with initial public offering on NYSE
Circle, the issuer of USDC (USDC), the second-largest stablecoin by market capitalization, has launched an IPO of 24 million shares of its Class A common stock, the company said on May 27.
The firm has applied to list its Class A common stock on the NYSE under the ticker symbol CRCL. As part of the offering, Circle is issuing 9.6 million shares of Class A common stock, the company said in a news release.
The remaining 14.4 million shares of Class A common stock will be offered by selling stockholders. Circle is also expected to grant the underwriters a 30-day option to buy up to an additional 3.6 million shares of Class A common stock to cover over-allotments.
The IPO involves participation from several major US investment banks, with JPMorgan, Citigroup and Goldman Sachs acting as joint lead active bookrunners, the announcement added.
The offering will also feature European banks, including Barclays, Deutsche Bank Securities and Societe Generale acting as bookrunners.
The IPO’s co-managers include BNY Capital Markets, Canaccord Genuity, Needham, Oppenheimer and Santander, while junior co-managers are AmeriVet Securities, Drexel Hamilton, Mischler Financial Group and Roberts and Ryan.