Crypto pockets supplier Exodus mentioned the US Securities and Trade Fee (SEC) made a “shocking last-minute resolution” that delayed its deliberate itemizing on the NYSE American Inventory Trade, based on a Could 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 will probably 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 Could 9. On the time, CEO JP Richardson mentioned the transfer would “create higher long-term worth for our stockholders by growing our presence throughout the investor group and, in flip, enhance liquidity.”
Nonetheless, with the SEC’s delaying the uplisting, Exodus mentioned it’d rethink itemizing on a nationwide securities alternate 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 resolution, we stay hopeful that the SEC will observe by on its dedication to deal with us because the legislation intends. Exodus has been totally clear and responsive all through this course of and we anticipate a swift decision on this matter.”
In the meantime, latest unaudited studies 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 energetic 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 check to categorise digital belongings as securities.
Nonetheless, critics argue in opposition to the SEC’s heavy-handed enforcement techniques, urging Congress to offer clear legislative steerage as an alternative. Sadly, the tempo of legislative motion on this realm has been sluggish, exacerbating the business’s uncertainty.
