Crypto firms struggle to go public due to SEC scrutiny in the wake of FTXs' collapse Crypto cryptocurrency SecuritiesandExchangeCommission
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!
All three firms attempted to get listed on the stock exchange via mergers with special-purpose acquisition companies but had their plans thwarted as market turbulence and heightened regulatory checks brought an end to the SPAC boom in late 2022. As part of the listing process, SEC accountants and lawyers review and probe deeper into all financial disclosures and legal risks to ensure that the companies have provided investors with all the information required by law. The end goal is to have the SEC deem the company’s disclosures “effective,” which makes its shares suitable to be sold to the public.
Part of the issue for some of the firms, such as Circle, is that their partnership with a SPAC imposed strict deadlines to close the deal. Last February, Circle extended the timetable for its merger with SPAC Concord Acquisition Corp. to December 2022 and spent much of the year working to address the questions that the SEC raised with its disclosures.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New York regulator warns crypto firms against commingling corporate and user fundsThe NYDFS has issued new guidelines to crypto firms operating in the state requiring them to keep corporate funds separate from client funds.
Read more »
Crypto firms acted like banks, then collapsed like dominoesOver the past few years, a number of companies have attempted to act as the cryptocurrency equivalent of a bank, promising lucrative returns to customers who deposited their bitcoin or other digital assets.
Read more »
Crypto firms acted like banks, then collapsed like dominoesOver the past few years, several companies have attempted to act as the cryptocurrency equivalent of a bank, promising lucrative returns to customers who deposited their bitcoin or other digital assets. In a span of less than 12 months, nearly all of the biggest of those companies have failed spectacularly.
Read more »
Bitcoin trades near $23k as the crypto market rally extends into a third weekCrypto prices were once again on the move higher in trading on Monday as the rally that began on Jan. 9 is now entering its third week, with Bitcoin climbing to $23,000.
Read more »
Crypto SWOT: Last week, bitcoin traded above $21,000 againCommentaries from industry expert Frank Holmes focusing on gold price movements, what's moving markets and what to expect in the metals sector. This includes his weekly Gold SWOT analysis, which is also featured in his own Kitco News show Gold Game Film
Read more »
EU banks will need to back crypto one-for-one with euros, will manage digital euro privacyBanks in the E.U. will be required to treat crypto as one of the riskiest asset classes, meaning they must issue one euro of capital for each euro of crypto they hold.
Read more »