SEC Scrutiny Blocks Some Crypto Firms From Going Public

Crypto companies seeking to go public over the past year have faced increased scrutiny from the Securities and Exchange Commission, as financial distress and failures spread across the volatile industry. WSJ: Crypto-focused companies including Bullish Global, Circle and eToro have failed to secure the SEC approvals that are required of companies going public. The firms were seeking stock-exchange listings through mergers with special-purpose acquisition companies, an alternative path to going public that thrived in 2020 and 2021 before heightened regulatory checks and market turbulence ended the SPAC boom. Another crypto broker, Galaxy Digital has faced repeated rounds of questions from SEC staff about its business since filing paperwork to go public on the Nasdaq Stock Market, according to people familiar with the questioning.

Galaxy, which isn't using a SPAC structure, announced in March 2021 that it wanted to become a U.S.-listed public company and hoped to clear SEC review by the end of that year. The SEC didn't set out to stop the companies from going public, according to a person familiar with the matter, but crypto firms believe the pace of the agency's review hurt their efforts, particularly after the crash of a well-known cryptocurrency and the failure of a large crypto hedge fund that hit many exchanges and lenders. The bankruptcy of crypto exchange FTX and a bear market in digital asset prices may keep the door closed.

Hey!

[Opportunist]

Some of us already had the popcorn ready!

Re:There are always foreign markets...

[sajavete]

"Crypto has brought more money into the world than anything in human history" - words succeed one another, but form no meaning.

Re:

[youngone]

Magic. He thinks it's all magic.

Re:

[whitroth]

100% of which is imaginary money. And if you disagree, no problem: I've got something physical, this bridge for sale. Care to buy it?

Re:

[Fly Swatter]

If that were true then we can blame Crypto for the sky rocketing inflation. Works for me.

Re:

[Whateverthisis]

Crypto has brought more money into the world than anything in human history.

You say that like you think it's a good thing. Bringing more money to the world is NOT a good thing. Bringing more value into the world is a good thing. Crypto has brought more money into the world, but it has not brought any value to the world.

Re:

[Anonymous Coward]

We see more guys driving Lambos, so the more billionaires, that's a good thing overall. Money buys value, and being able to create money from nothing is a great boon to the economy. Same reason why the economy is a lot better than when we were locked to a gold standard.

Re:

[geminidomino]

Goddamn it, Poe. I'm getting sick of your law.

Re:

[youngone]

Crypto hasn't "bought more money into the world" anyway. All that crypto is valued in $US.

Good

[nwaack]

I'm not usually a fan of the government's attempts to "save us from ourselves," but in this case I'm all for it...for that reason and many others.

Re:

[gweihir]

There needs to be a balance. A nanny-state is bad, but a state that allows stuff that makes it very easy for people to completely screw themselves is bad too.

Re:

[youngone]

The thing about the guys who regulate the economy is that they've all read history books and are well aware of what happens with unregulated financial markets because we've done all this before.
The US economy was destroyed multiple times in the 19th century by runs on the bank.
I'm ok with nanny state preventing 1929 happening again.

Re:

[gweihir]

Exactly. The SEC, for example, was specifically created to prevent another 1929. And it is _needed_ because markets can not really self-regulate, even if some not very smart fanatics believe that.

Buying and selling numbers

[gavron]

Crypto? You mean numbers that people trade because other people -- more stupid than they are -- will pay more for those same rando numbers later?

I'm not sure the SEC should be stopping this. Perhaps the FTC and anti-gambling mother against something something should.

Enough with the horse drivel. Crypto is half a word. So is Cyber. Just because you can add "currency" to it doesn't make it anything other than just numbers.

Gamble if you like. I do when I'm in Las Vegas. Don't pretend it's either a curre

Here come the anti-fans

[presidenteloco]

Typical posts on a crypto article on slashdot:

https://www.youtube.com/watch?v=zSDj7bjAv2s

Re:

[youngone]

The thing about the money that I get paid to do the work I do, is that I can go to the supermarket on the way home and swap some of it for food that my family can eat.
Nobody needs to be a "fan" of the dollars I'll use.

Re:

[presidenteloco]

Well I bought a beer with bitcoin once. Expensive beer in retrospect, but just sayin'.

Re:

[youngone]

The world is full of endless possibilities.