Altcoins
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Circle denied media reports that the company blamed the SEC for derailing a $9 billion merger with Concord Acquisition through which it intended to go public.
Last summer, the issuer of the stablecoin USDC announced the start of a merger with Concord Acquisition Corp, but already in December it became known that this process had been terminated. According to a Financial Times article, Circle’s management said that neither difficult market conditions nor investor concerns would prevent the company from listing on the New York Stock Exchange (NYSE). From the publication, it seems that Circle accused the US Securities and Exchange Commission (SEC) of the fact that it was the regulator that prevented it from entering the stock market, delaying the approval of the merger agreement.
Circle later denied reports that the company has similar claims against the department. A spokesman for Circle said the deal was simply cancelled, but did not give a reason for the failed business combination.
“Circle has not charged the SEC with anything related to terminating our agreement with Concord. Any statement to the contrary is deemed to be inaccurate,” a spokesperson for Circle said.
Earlier, Circle CEO Jeremy Allaire tweeted that the SEC has scrutinized the company and many new aspects of the cryptocurrency industry. This analysis is necessary to ensure transparency and trust in crypto companies. Still, Ellire expressed disappointment that Circle failed to complete its SEC qualifications on time, and the company has no hope of going public.
Last year, Ellire denied rumors of problems with the USDC stablecoin, saying that it is fully backed by assets denominated in US dollars and is not afraid of any market volatility.
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