- Circle is pushing forward with its Initial Public Offering (IPO) plans despite substantial regulatory pressure from the SEC.
- Other prominent crypto entities, such as Kraken and Galaxy Digital, are also indicating interest in public listings.
The US Securities and Exchange Commission’s (SEC) robust regulatory response hasn’t discouraged Circle, the issuer of the USDC stablecoin, from persisting with its plans for an Initial Public Offering (IPO). However, the prevailing regulatory landscape indicates that Circle’s journey might face several challenges.
Back in the 2021 crypto bull run, Circle unveiled its ambitions to evolve into a publicly-traded entity through a merger with a special purpose acquisition company (SPAC). However, in December 2022, Circle’s CEO Jeremy Allaire acknowledged that the company had failed to attain SEC approval within the required timeline.
Circle executives had earlier emphasized that transitioning to a public entity was an integral part of the company’s strategic vision. Nevertheless, the precise timeline for the company’s public listing remains undetermined. A Circle representative mentioned to Blockworks,
“We are not prepared to put a specific deadline on the decision, but we will be taking steps to continue our journey to go public as soon as practicable”.
Interestingly, a recent job posting by Circle seeking a corporate counsel reveals an insight into the company’s ongoing plans. The role description suggests that the new recruit would play a key role in Circle’s anticipated public transition, providing support in the process and facilitating the construction of public company policies and procedures.
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Circle appears to be confident in its ability to navigate the regulatory hurdles associated with the SEC’s public listing process. Jeremy Allaire, Circle’s CEO, recently expressed the belief that the company holds a competitive advantage over its rivals.
Circle’s public listing plans are not unique in the crypto landscape. Cryptocurrency exchange Kraken also hinted at a potential public listing in a recent job advertisement. The posting emphasized the importance of “public company preparedness” and expressed a preference for candidates with experience in public company reporting.
Mike Novogratz’s Galaxy Digital, another major player in the crypto space, was gearing up for an IPO last year. Despite recent regulatory pressures from the SEC, it may continue with its plans, as indicated by Novogratz’s recent hint at shifting its customer base overseas.
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