Stablecoin issuer Circle accuses SEC of thwarting its SPAC deal

Crypto payments company and stablecoin issuer Circle has said that the Securities and Exchange Commission stopped its $9 billion public listing plan.

CEO Jeremy Allaire said Circle did not complete the U.S. Securities and Exchange Commission’s "qualification in time."

Circle issues USDC, the world’s second-largest stablecoin.

Circle had announced plans to go public in July 2021, tapping special purpose acquisition company (SPAC) Concord Acquisition Corp.

Circle accused the SEC of delaying the declaration of its S-4 registration ‘effective’.

Companies seeking permission to offer new shares have to file an S-4 registration with the SEC.

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