The Daily: Trump’s sweeping tariffs could derail crypto IPOs, Bo Hines talks White House strategy and more

The following is adapted from The Block’s newsletter,  The Daily , which comes out on weekday afternoons.

Happy Friday! Seems President Trump's tariffs have made investors cautious, especially when it comes to predicting whether companies like Circle will go through with their initial public offerings (IPOs). But hey, at least you can watch (much more moderated) Pump.fun livestreams again.

In today's newsletter, experts say that Trump's tariffs could pause or halt crypto firms from going public, the odds of Circle's IPO faltered on Polymarket, Bo Hines talks about the White House's crypto strategy and more.

Meanwhile, the social finance protocol Lens launched the Lens Chain mainnet.

Let's get started.

Experts warn Trump’s tariffs will likely derail crypto IPO plans

Several crypto firms that were preparing to go public in the U.S. are now likely to delay or cancel IPO plans due to the market volatility caused by President Donald Trump’s new global tariffs.

• Industry experts warn that launching an IPO during a collapsing market is unwise, drawing parallels to the 2008 financial crisis.
• While tech firms like Klarna have already scrapped IPO plans, the outlook is even worse for crypto firms, which rarely go public.
• Circle recently filed a Form S-1 with the Securities and Exchange Commission and signaled IPO intent, but rumors suggest it may now be reconsidering.
• Investor appetite is dwindling in today’s deflationary and uncertain environment, making crypto equities particularly unattractive.
• Factors like interest rate concerns, reluctant underwriters and cautious VC backers are further cooling IPO ambitions in the sector.

Circle IPO odds tumble on Polymarket

The likelihood of Circle's IPO occurring this year dropped from 96% to 71% on Polymarket after Trump's tariff announcement rattled markets.

• Market sentiment turned sour after the crypto news aggregator Velo posted that Circle had delayed its IPO, which users widely shared on social media.
• Circle had filed a prospectus earlier in the week, fueling optimism that it would finally go public in a favorable market for stablecoins.
• Circle has not publicly addressed or confirmed any changes to its IPO timeline as of publication.

Bo Hines discusses quarterbacking the White House’s crypto strategy

Former football player and congressional candidate Bo Hines now leads the White House’s crypto efforts under President Trump, serving as executive director of the Presidential Council of Advisers for Digital Assets.

• Hines, who got into crypto after playing in the 2014 Bitcoin Bowl, compares the industry’s collaborative spirit to a football team united by shared challenges and goals.
• The Trump administration has taken a proactive and crypto-friendly approach, establishing a strategic bitcoin reserve, planning targeted industry summits and opposing central bank digital currencies.
• Lawmakers are advancing key crypto legislation, including a stablecoin bill and a market structure bill, with Trump aiming to sign both into law before the August recess.

Memecoin launchpad Pump.fun reopens livestreaming to 5% of users

Solana-based memecoin platform Pump.fun has resumed livestreaming for 5% of users after suspending the feature in November 2024.

• The platform introduced stricter content moderation rules prohibiting violent, harmful or illegal content, and penalties for breaking these guidelines, including suspensions and permanent bans.
• Pump.fun's content guidelines aim to foster a creative and engaging environment while allowing some NSFW content, provided the material doesn't violate core safety policies.
• The platform retains full discretion over content moderation and allows banned users to appeal if they believe a mistake was made.

Codex raises $15.8 million in Dragonfly-led seed round

Codex, a blockchain startup focused on enterprise stablecoin solutions, raised $15.8 million in seed funding led by Dragonfly Capital with participation from major crypto firms including Coinbase, Circle and Wintermute.

• Built as an Ethereum Layer 2 using Optimism's tech stack, Codex aims to solve issues like UX friction, workflow incompatibility and regulatory uncertainty for businesses adopting crypto.
• The platform emphasizes privacy, low transaction fees and fiat conversion options to meet institutional needs.

Next week

U.S. nonfarm payroll figures are due on Friday, April 11, and the Paris Blockchain Week kicks off in France.

Never miss a beat with  The Block's daily digest  of the most influential events happening across the digital asset ecosystem.