Despite these headwinds Lopez says regulatory clarity is no longer the primary obstacle for companies considering public listings.

“That’s less relevant than before. Companies went public before there was regulatory clarity,” he said. “For companies like Bullish, Circle or BitGo, it’s more about access to capital than regulation.”

Kraken’s reported plans to pursue a public listing illustrate how crypto firms are adapting, Lopez says. The exchange has sought to diversify beyond crypto trading, a strategy he believes better positions companies for public markets.

“The right thing to do is become more diversified rather than being just a crypto trading business,” he says.

Institutional adoption

Despite near-term weakness in crypto funding…