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The regulatory approach of the sec has been largely criticized for its lack of clarity, and last year's December, A member of the United States Congress asked Commissioner Gary Gensler to appear before Congress on the "costs of regulatory failure." he iswhile gensler argues that most cryptocurrencies might be classed as securities, he has yet to clarify which ones are considered securities.Encircle to complete the PSPC listing plan, in Business Insider's opinion, One spokesperson for the Circle stated that the statement that the company blamed the SEC for terminating the merger agreement between the PSAB and Concord was inaccurate.cryptocurrency regulation was a failure,” u.s. lawmaker asks sec chairman gensler to testify before congressThere has been widespread criticism of the SEC's regulatory approach because of its lack of clarity, and last year's December, a member of the United States Congress has asked Commissioner Gary Gensler to appear before Congress on the "costs of regulatory failure." it isWhile Gensler claimed that most cryptocurrencies could be classified as transferable securities, it has not yet specified which securities are classified as securities..
Notice of amalgamation registration not validated. He blamed it on the regulators.
In a financial time ratio (ft), the ipo plan of the primary reason circle failed was not due to the turbulence and depression in the cryptocurrency market last year, or the feelings of investors, but rather that the sec has announced that the company’s “s-4 Financial Times (FT) report suggests, the main reason for the failure of Circle's IPO plan was not due to the turmoil and collapse of the cryptocurrency market last year, or the feelings of investors, but instead the SEC announced "S-4 Corporation.
An S-4 record is a record that a corporation submits to the Sec for approval of an initial IPO.
In July 2021, Circle announced its intention to amalgamate with Concord Acquisition Corporation. And publicly traded on the New York Stock Exchange (nyse). By Feb 2022, the company has signed an agreement under new conditions, This has doubled the value of the corporation from the original value of $581.5 billion ($4.5 billion) to $1,163 trillion ($9 billion). As of Feb 2022, The company has entered into a contract with Concord on a new basis, This has doubled the value of the corporation from the original value of $581.5 billion ($4.5 billion) to $1,163 trillion ($9 billion).
But in December of last year, Circle announced that it was shutting down its publication project after failing to close the merger in a timely manner. The amalgamation was subject to the validation of the application for registration.
What is Spacing (Special Purpose Procurement Corporation)?
PSPC (Special Acquisition Company) is an abbreviation for "Special Acquisition Company", and the company itself has no business and is seeking to acquire unlisted companies. Within this system, the space becomes public first, then acquires the target enterprise, and consequently, the acquired enterprise becomes public. They were able to be made public without a formal review.
US Circle to end SPAC listing plan
Opinion of Circle’s CEO
Meanwhile, according to Business Insider, a Circle spokesperson said the statement that the company was blaming the SEC for terminating the SPAC merger agreement with Concord was inaccurate. Cryptocurrency GlossaryUS
“He said that the agreement had just expired and that it had been dissolved by common accord. He said the deal had simply expired and was dissolved by mutual consent.“the sec has been rigorous and thorough in trying to understand circle’s business and the many new facets of this industry,” circle chief executive jeremy allaire said in announcing the demise of the planned listing. The SEC has been rigorous and thorough in trying to understand Circle’s business and the many new facets of this industry,” Circle Chief Executive Jeremy Allaire said in announcing the demise of the planned listing.
He stated that it was necessary for companies associated with cryptocurrency to provide credibility, transparency and accountability. This kind of review is necessary to ultimately provide trust, transparency and accountability for major companies in crypto.
— 2/ From my point of view, I believe the SEC has demonstrated rigour and rigour in its understanding of our operations and many new aspects of this industry. This kind of review is necessary to ensure, at the end of the day, the trust, transparency, and accountability of large cryptography companies.—
Jeremy Allaire – @jerallaire That kind of review is needed to, at the end of the day, restore confidence, Big Business Cryptography Transparency and Accountability – jeremy allaire (@jerallaire) December 5, 2022the ft, quoting someone who knows about it, noted that the response from the sec was extremely slow between the announcement of the circle placement plan and liquidation (approximately 18 months).”
The FT, quoting a person familiar with the subject, noted that the SEC's response was extremely slow between announcing Circle's IPO plan and liquidation (about 18 months).
At the same time, the individual stated that the FTX collapse revealed regulatory gaps and highlighted the extent of the damage, creating a situation in which "no one can approve anything."
"sec stancewhile the sec has repeatedly deferred judgments in processes such as Bitcoin ETF approval, It has sometimes taken steep and inflexible approaches in the cryptocurrency market, as exposure to infringements of securities law. More recently, he announced that he had sued giant cryptocurrency gemini and lender genesis for violating securities legislation.
It claims that gemini earn, a performance service provided by genesis, is an offer and sale of non-registered securities. In response, Tyler Winklevoss, co-founder of Gemini, stated that he had been in talks with the SEC for 17 months about services that were subject to breaches of securities law.
In response, Gemini co-founder Tyler Winklevoss stated that he had been in talks with the SEC for 17 months about services that were subject to securities law violations.
The SEC’s regulatory approach has been widely criticized for lacking clarity, and in December last year, a U.S. congressman called on Commissioner Gary Gensler to testify before Congress on the “costs of regulatory failure.” there is
While Gensler argued that most cryptocurrencies could be classified as securities, he has yet to clarify which ones are considered securities.
The SEC is suing Gemini and Genesis for trespassing.
US circle company accuses SEC of being responsible for derailment of SPAC stock listing plan appeared first on Our Bitcoin News.
