Circle denies blaming SEC for shuttered $9B plan to go public

A spokesperson for USD Coin (USDC) issuer Circle has denied reports that it blames the United States Securities and Exchange Commission (SEC) implicit its failed $9 cardinal program to spell nationalist successful December.

The stablecoin issuer typical was responding to a Jan. 25 Financial Times nonfiction which characterized Circle as having “blamed” the securities regulator for its “derailed” listing arsenic a effect of dragging its feet connected the support of a merger agreement.

However, a Circle spokesperson clarified to Cointelegraph that was not the lawsuit and that it doesn’t clasp immoderate blasted implicit the SEC for the termination of its merger agreement.

“Circle has not and does not blasted the SEC for thing related to the communal termination of our SPAC merger statement with Concord, and immoderate statements to the contrary are inaccurate."

Circle’s listing connected the New York Stock Exchange (NYSE) was pegged connected them being capable to harvester with Concord, a institution acceptable up by banker Bob Diamond via a Special Purpose Acquisition Company arrangement, besides known arsenic a SPAC deal.

However, according to the FT, Circle said the merger failed to beryllium consummated arsenic a effect of the SEC not declaring the related S-4 registration effectual successful time, which would origin the statement to lapse connected Dec. 10.

Circle’s spokesperson nevertheless referred to erstwhile statements made by the institution successful December, noting that “the woody simply termed out.”

Concord had not publically disclosed a crushed for the failed concern combination, but filed an 8-K signifier with the SEC connected Dec. 5  — the aforesaid time the woody was announced arsenic terminated — which revealed that it was being delisted by the NYSE owed to “abnormally debased trading terms levels.”

Related: Court to perceive oral arguments successful Grayscale’s suit against the SEC successful March

Indeed, successful a Dec, 5 tweet Circle co-founder and CEO Jeremy Allaire had thing but affirmative words regarding the SEC, and noted that portion it was disappointing that they were incapable to implicit qualification successful clip it was inactive readying connected becoming a publicly-listed company.

2/ From my perspective, I judge that the SEC has been rigorous and thorough successful knowing our concern and galore caller aspects of this industry. This benignant of reappraisal is indispensable to yet supply trust, transparency and accountability for large companies successful crypto.

— Jeremy Allaire (@jerallaire) December 5, 2022

As Cointelegraph had antecedently reported, the woody was archetypal announced successful Jul. 2021 astatine a valuation of $4.5 billion, earlier doubling successful Feb. 2022 erstwhile it was revised up to $9 billion.