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Exodus Movement Faces SEC Delay in NYSE American Listing
Exodus Movement, a prominent Bitcoin wallet software company, expressed its surprise, confusion, and deep disappointment following the Securities and Exchange Commission’s (SEC) decision to postpone the company’s planned listing on a U.S. stock exchange. The SEC delayed the crypto company’s listing on the NYSE American, a market affiliated with the New York Stock Exchange, much to Exodus’ dismay.
In a late Wednesday tweet, Exodus stated, “Today, the SEC made a surprise last-minute decision that delays Exodus from listing on the NYSE American. While we are deeply disappointed, Exodus will continue to empower customers worldwide to control their wealth using our top-tier self-custody crypto wallet.”
Today, the SEC made a surprise last-minute decision that delays Exodus from listing on the NYSE American. While we are deeply disappointed, Exodus will continue to empower customers all over the world to control their own wealth using our best-in-class self-custody crypto wallet.…
— Exodus – Crypto Wallet (@exodus_io) May 9, 2024
Exodus CEO Addresses SEC Delay
Exodus CEO JP Richardson expressed surprise and confusion over the SEC’s last-minute decision. He stated, “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.”
Despite requests for further comments from Decrypt, Exodus declined to provide additional information. The company, which went public in 2021, had plans to list its common stock on NYSE American with the ticker symbol EXOD.
Exodus’ common stock was slated to be tokenized on Algorand, a prominent crypto network linked to ALGO, the 64th largest digital asset. This move would have positioned Exodus as the sole U.S. company to have its common stock tokenized on a blockchain.
SEC’s Stance on the Crypto Industry
The SEC, as Wall Street’s key regulatory body, has significantly increased scrutiny on the digital asset industry in recent years. Several top American crypto exchanges, including Coinbase and Kraken, have faced lawsuits from the SEC for allegedly trading unregistered securities. Furthermore, the SEC has cautioned various crypto startups about impending enforcement actions.
The crypto community awaits developments in Exodus’ quest to list on the NYSE American, as the SEC’s decision has stirred implications across the industry.
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