{"id":580646,"date":"2023-01-25T11:36:30","date_gmt":"2023-01-25T11:36:30","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=580646"},"modified":"2023-01-25T11:36:40","modified_gmt":"2023-01-25T11:36:40","slug":"circle-usdc-sec-sinking-spac-agreement","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/circle-usdc-sec-sinking-spac-agreement\/","title":{"rendered":"Circle (USDC) Points Finger At SEC For Sinking $9 Billion SPAC Agreement"},"content":{"rendered":"\n<p>Summary: <\/p>\n\n\n\n<ul><li>The Financial Times reported that the U.S. SEC was the sole factor that blocked Circle from going public.<\/li><li>CEO Jeremey Allaire said in December that his firm could not meet the SEC&#8217;s &#8220;qualification in time&#8221;.<\/li><li>The crypto payments company was set to go public in a special purpose acquisition company (SPAC) deal with Bob Diamond&#8217;s Concord Acquisition.<\/li><\/ul>\n\n\n\n<p>Crypto stablecoin company Circle named the U.S Securities and Exchange Commission (SEC) as the sole reason why its special purpose acquisition company (SPAC) deal fell through, the Financial Times <a href=\"https:\/\/www.ft.com\/content\/10bfdb8e-3a16-4bd2-a979-2d4b4c86ea41\" rel=\"nofollow noopener\">reported<\/a> on Wednesday.&nbsp;<\/p>\n\n\n\n<p>Indeed, CEO Jeremy Allaire announced the <a href=\"https:\/\/en.ethereumworldnews.com\/circles-spac-deal-concord-will-not-happen\/\">termination<\/a> of the SPAC agreement with Concord Acquisition back in early December 2022. Concord was founded by veteran investment banker Bob Diamond in 2021 amid a pulsating bull market cycle where assets like Bitcoin and Ethereum peaked.&nbsp;<\/p>\n\n\n\n<p>In July 2021 Circle unveiled the SPAC proposal with Concord in a deal that would double the crypto company\u2019s valuation to a staggering $9 billion. Allaire\u2019s form submitted its first SEC filing toward the move in August 2021, per reports.<\/p>\n\n\n\n<p>Allaire\u2019s update on the deal in December noted that his firm did not meet an SEC qualification time regarding an S-4 registration filing. Companies file S-4 documents with the SEC to secure authorization to offer new shares.&nbsp;<\/p>\n\n\n\n<p>FT reported that the SEC did not declare Circle\u2019s S-4 registration effective and the crypto company disclosed delayed feedback from the regulator, noting that there was \u201can awfully long time waiting for approvals\u201d.&nbsp;<\/p>\n\n\n\n<p>Allaire said in December that the crypto payments processor retained intentions to go public despite the failed SPAC deal.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">1\/ Some big <a href=\"https:\/\/twitter.com\/circle?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">@circle<\/a> news.  This morning, we announced the termination of our proposed deSPAC transaction.  While disappointing that we did not complete SEC qualification in time, we remain focused on building a long-term public company.  <a href=\"https:\/\/t.co\/R0XYfCFD54\" rel=\"nofollow\">https:\/\/t.co\/R0XYfCFD54<\/a><\/p>&mdash; Jeremy Allaire (@jerallaire) <a href=\"https:\/\/twitter.com\/jerallaire\/status\/1599755837177667585?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">December 5, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2>Circle Boosts Trust In USDC With Deloitte Partnership&nbsp;<\/h2>\n\n\n\n<p>The USDC issuer stunned competitors when the company announced an auditing partnership with \u201cBig Four\u201d accounting firm Deloitte. Circle revealed the news alongside its first annual \u201cstate of the USDC economy\u201d <a href=\"https:\/\/www.circle.com\/blog\/circle-releases-first-annual-state-of-the-usdc-economy\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.circle.com\/blog\/circle-releases-first-annual-state-of-the-usdc-economy\" rel=\"noreferrer noopener nofollow\">report<\/a>.\u00a0<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>Our history of pioneering transparency underscores our commitment to providing USDC holders and the general public with open, timely reporting on how we minimize risk and maintain liquidity in the USDC reserve.<\/p><\/blockquote>\n\n\n\n<p>USDC remained the second-largest stablecoin token in the world with a market cap of around $43 billion, dipping from over $55 billion in June 2022 following a series of spectacular implosions in the crypto market. Only Tether\u2019s USDT currently beats Circle\u2019s USD Coin for the top stablecoin spot.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img width=\"620\" height=\"266\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/01\/USDC_1Y_graph_coinmarketcap.png\" alt=\"\" class=\"wp-image-580647\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/01\/USDC_1Y_graph_coinmarketcap.png 620w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/01\/USDC_1Y_graph_coinmarketcap-300x129.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/01\/USDC_1Y_graph_coinmarketcap-269x115.png 269w\" sizes=\"(max-width: 620px) 100vw, 620px\" title=\"\"><figcaption><strong>USDC Market Cap by CoinMarketCap<\/strong><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Circle&#8217;s SPAC deal meant to take the USDC issuer public was delayed by the SEC until the agreement expired in December 2022. <\/p>\n","protected":false},"author":55,"featured_media":580650,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[825,17,2],"tags":[108519,5530,1811,108167],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/580646"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=580646"}],"version-history":[{"count":2,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/580646\/revisions"}],"predecessor-version":[{"id":580651,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/580646\/revisions\/580651"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/580650"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=580646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=580646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=580646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}