SEC delays crypto wallet provider Exodus’ NYSE American listing amid ongoing scrutiny SEC delays crypto wallet provider Exodus’ NYSE American listing amid ongoing scrutiny
The company said it was disappointed with the financial regulator's decision.
2 min read
Updated: May. 9, 2024 at 9:49 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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:
“Weโre hopeful the SEC will act in good faith, and Exodus will be welcomed to the NYSE in a timely manner. Cryptoโs 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 reluctance
In recent years, the SEC, under Gary Gensler‘s leadership, has taken an aggressiveย 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.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.
