With Bitcoin prices soaring past the $120,000 threshold, igniting a flurry of listing excitement within the cryptocurrency sector, Grayscale Investments has recently submitted a draft IPO application to the U.S. Securities and Exchange Commission (SEC). Prior to this milestone, the company had faced disagreements with the SEC under the Biden administration concerning the approval of a Bitcoin ETF. Building on the pro-cryptocurrency policies of the Trump administration, which significantly accelerated this trend, cryptocurrency exchanges such as Gemini and Bullish have also filed for IPOs. Furthermore, the U.S. Department of Labor has lifted restrictions on investing in cryptocurrencies within 401(k) retirement plans, thereby expanding the horizons for digital asset investments. Simultaneously, Congress is deliberating on various cryptocurrency legislation proposals aimed at establishing a clearer and more robust regulatory framework for the market.