Crypto stablecoin company Circle named the U.S Securities and Exchange Commission (SEC) as the sole reason why its special purpose acquisition company (SPAC) deal fell through, the Financial Times reported on Wednesday.
Indeed, CEO Jeremy Allaire announced the termination of the SPAC agreement with Concord Acquisition back in early December 2022. Concord was founded by an experienced investment banker Bob Diamond in 2021 in the middle of an exciting bull market cycle where assets such as Bitcoin and Ethereum peaked.
In July 2021, the circle unveiled the proposed spacing arrangement in an agreement that would double the crypto firm's valuation to an astounding $9 billion. The breastfeeding form submitted their first dry deposit for transition in August 2021, according to reports.
Allaire provided an update on the agreement in December and noted that her company did not meet the second qualifying period for a section 4 registration submission. The undertakings submit S-4 documents to the sec in order to obtain authorization to offer new shares.
Ft reported that the sec had not reported the effective circle S-4 record and that the crypto company had communicated late comments from the regulator, Noting that there was "a horrendously long wait for approvals".
Allaire said in December that the crypto payment processor withheld the intentions to release in spite of the failed spacing agreement.
Circle Boosts Trust In USDC Including Deloitte Partnership.
The USDC issuer surprised competitors when the company announced a partnership audit with "Big Four" accounting firm Deloitte. Circle revealed the news at the same time as its first "annual economic status of the USDC"
Our pioneering tradition of transparency is a testament to our commitment to providing an open approach to USDC licensees and the public at large, timely reporting on how we reduce risks and maintain liquidity in the USDC pool.
USDC remained the world's second-largest stablecoin with a market capitalization of about $43 billion, increasing from more than $55 billion in June 2022 as a result of a series of dramatic implosions in the crypto market. Only the tether usdt actually beats the round dollar coin for the upper stablecoin square.