Crypto pockets supplier Exodus stated the US Securities and Alternate Fee (SEC) made a “stunning last-minute choice” that delayed its deliberate itemizing on the NYSE American Inventory Alternate, in response to a Might 9 statement.
NYSE stated 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 can 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 Might 9. On the time, CEO JP Richardson stated the transfer would “create larger long-term worth for our stockholders by growing our presence inside the investor group and, in flip, improve liquidity.”
Nevertheless, with the SEC’s delaying the uplisting, Exodus stated it’d rethink itemizing on a nationwide securities alternate later. Nonetheless, its shares, with the ticker EXOD, would proceed to commerce on OTCQX.
Richardson stated:
“Whereas we’re stunned and confused by this last-minute choice, we stay hopeful that the SEC will comply with via on its dedication to deal with us because the regulation intends. Exodus has been totally clear and responsive all through this course of and we count on a swift decision on this matter.”
In the meantime, current unaudited studies on Exodus’ first-quarter earnings revealed a considerable 118% year-on-year income progress, totaling round $29.1 million. The agency stated it has roughly 1.69 million energetic customers.
SEC’s crypto reluctance
Lately, the SEC, below Gary Gensler‘s management, has taken an aggressive stance towards the rising crypto trade.
Gensler’s tenure has been marked by a give attention to integrating crypto into the SEC’s regulatory framework, utilizing the Howey check to categorise digital property as securities.
Nevertheless, critics argue in opposition to the SEC’s heavy-handed enforcement ways, urging Congress to offer clear legislative steering as a substitute. Sadly, the tempo of legislative motion on this realm has been gradual, exacerbating the trade’s uncertainty.
