2024-5-9 11:47 |
Crypto wallet provider Exodus said the US Securities and Exchange Commission (SEC) made a “surprising last-minute decision” that delayed its planned listing on the NYSE American Stock Exchange, according to a May 9 statement.
NYSE said the SEC halted the listing because the financial regulator’s staff are still reviewing Exodus’s registration statement.
Exodus added:
“We’re hopeful the SEC will act in good faith, and Exodus will be welcomed to the NYSE in a timely manner. Crypto’s potential is undeniable…”
Earlier in the week, Exodus revealed that its shares would be uplisted from the OTCQX to NYSE American by May 9. At the time, CEO JP Richardson said the move would “create greater long-term value for our stockholders by increasing our presence within the investor community and, in turn, increase liquidity.”
However, with the SEC’s delaying the uplisting, Exodus said it might reconsider listing on a national securities exchange later. Nonetheless, its shares, with the ticker EXOD, would continue to trade on OTCQX.
Richardson said:
“While we are surprised and confused by this last-minute decision, we remain hopeful that the SEC will follow through on its commitment to treat us as the law intends. Exodus has been fully transparent and responsive throughout this process and we expect a swift resolution in this matter.”
Meanwhile, recent unaudited reports on Exodus’ first-quarter earnings revealed a substantial 118% year-on-year revenue growth, totaling around $29.1 million. The firm said it has approximately 1.69 million active users.
SEC’s crypto reluctanceIn recent years, the SEC, under Gary Gensler‘s leadership, has taken an aggressive stance toward the emerging crypto industry.
Gensler’s tenure has been marked by a focus on integrating crypto into the SEC’s regulatory framework, using the Howey test to classify digital assets as securities.
However, critics argue against the SEC’s heavy-handed enforcement tactics, urging Congress to provide clear legislative guidance instead. Unfortunately, the pace of legislative action in this realm has been slow, exacerbating the industry’s uncertainty.
The post SEC delays crypto wallet provider Exodus’ NYSE American listing amid ongoing scrutiny appeared first on CryptoSlate.
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