News
The SEC delays crypto wallet provider Exodus’ US listing on the NYSE due to ongoing scrutiny
Cryptocurrency wallet provider Exodus said the U.S. Securities and Exchange Commission (SEC) made a “surprising last-minute decision” that delayed its planned listing on the New York Stock Exchange, according to a report from the May 9th declaration.
The NYSE said the SEC blocked the listing because the financial regulator’s staff is still reviewing Exodus’ registration statement.
Exodus added:
“We are confident that the SEC will act in good faith and that Exodus will be welcomed to the NYSE in a timely manner. The potential of cryptocurrencies is undeniable…”
Earlier in the week, Exodus revealed that its shares would list from the OTCQX to NYSE American by May 9. At the time, CEO JP Richardson She said the move would “create greater long-term value for our shareholders by increasing our presence within the investment community and, as a result, increase liquidity.”
However, because the SEC delayed the listing, Exodus said it may reconsider listing on a national securities exchange at a later date. However, its shares, under the ticker EXOD, would continue to trade on OTCQX.
Richardson said:
“While we are surprised and confused by this last-minute decision, we remain confident that the SEC will uphold its commitment to treat us as the law requires. Exodus has been completely transparent and responsive throughout this process and we expect a swift resolution of this matter.”
Meanwhile, recent uncertified relationships Exodus’ first-quarter earnings revealed substantial revenue growth of 118% year over year, totaling approximately $29.1 million. The company said it has about 1.69 million active users.
The SEC’s reluctance towards cryptocurrencies
In recent years the SEC, pursuant to Gary GenslerThe leadership of , has taken an aggressive attitude position towards the emerging cryptocurrency sector.
Gensler’s tenure has been characterized by a focus on integrating cryptocurrencies into the market the regulatory framework of the SEC, using the Howey test to classify digital assets as securities.
However, critics oppose the SEC heavy-handed enforcement tactics, instead urging Congress to provide clear legislative guidance. Unfortunately, the pace of legislative action in this area has been slow, exacerbating industry uncertainty.