The strong regulatory action by the U.S. Securities and Exchange Commission (SEC) hasn’t deterred USDC stablecoin issuer Circle from proceeding further with its IPO plans. However, considering the current regulatory environment, things are certainly not going to be smooth for Circle.
Back during the crypto bull run of 2021, Circle announced its plans to become a public company through a merger via a special purpose acquisition company (SPAC). But last December 2022, Circle CEO Jeremy Allaire said that they “did not complete the SEC qualification in time”.
However, Circle executives told earlier this year that going public was a key part of the company’s strategy. But the company is still not sure on the timeline of its public listing. Speaking to Blockworks, a company spokesperson added: “We are not prepared to put a specific deadline on the decision, but we will be taking steps to continue our journey to go public as soon as practicable”.
Also, a job posting by circle, looking for corporate counsel hints at these plans. The job description reads:
The professional would be tasked with “assisting with potential going public SEC process” as well as “supporting the building out of our public company policies, practices and processes”.
It seems that Circle is confident of its plans of making through the SEC process of public listing. Recently, circle CEO Jeremy Allaire said that the company holds a competitive edge over its competitors.
Other Crypto Players to Follow Circle
Circle is not the only player looking ahead to a public listing in the US. Crypto exchange Kraken has also hinted of the same in its recent job posting. The Kraken job description emphasizes the importance of “public company preparedness” as a key focus area for their legal team. They also highlight that candidates with “public company reporting experience” are preferred for the position.
Mike Novogratz’s Galaxy Digital was also gearing up for an IPO last year. However, considering the recent SEC action, it might proceed further. Novogratz recently hinted of shiting its customer base overseas.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.