Crypto pockets supplier Exodus mentioned the US Securities and Change Fee (SEC) made a “stunning last-minute determination” that delayed its deliberate itemizing on the NYSE American Inventory Change, based on a Might 9 assertion.
NYSE mentioned the SEC halted the itemizing as a result of the monetary regulator’s workers are nonetheless reviewing Exodus’s registration assertion.
Exodus added:
“We’re hopeful the SEC will act in good religion, and Exodus shall be welcomed to the NYSE in a well timed method. Crypto’s potential is simple…”
Earlier within the week, Exodus revealed that its shares could be uplisted from the OTCQX to NYSE American by Might 9. On the time, CEO JP Richardson mentioned the transfer would “create better long-term worth for our stockholders by rising our presence throughout the investor neighborhood and, in flip, enhance liquidity.”
Nevertheless, with the SEC’s delaying the uplisting, Exodus mentioned it would rethink itemizing on a nationwide securities trade later. Nonetheless, its shares, with the ticker EXOD, would proceed to commerce on OTCQX.
Richardson mentioned:
“Whereas we’re shocked and confused by this last-minute determination, we stay hopeful that the SEC will comply with by means of on its dedication to deal with us because the regulation intends. Exodus has been absolutely clear and responsive all through this course of and we count on a swift decision on this matter.”
In the meantime, latest unaudited experiences on Exodus’ first-quarter earnings revealed a considerable 118% year-on-year income progress, totaling round $29.1 million. The agency mentioned it has roughly 1.69 million lively customers.
SEC’s crypto reluctance
In recent times, the SEC, beneath Gary Gensler‘s management, has taken an aggressive stance towards the rising crypto business.
Gensler’s tenure has been marked by a concentrate on integrating crypto into the SEC’s regulatory framework, utilizing the Howey take a look at to categorise digital property as securities.
Nevertheless, critics argue towards the SEC’s heavy-handed enforcement techniques, urging Congress to offer clear legislative steerage as a substitute. Sadly, the tempo of legislative motion on this realm has been gradual, exacerbating the business’s uncertainty.
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