Circle Moves Forward With IPO Plans Despite The SEC’s Moves

The SEC has been closely monitoring the crypto industry after the events from last year. Top players like Binance and Coinbase have recently faced lawsuits from the top regulator.

However, Circle, the USDC stablecoin issuer, recently announced that it would proceed with its public listing plans despite the decisive action taken by the Securities and Exchange Commission (SEC).

Circle Forges Ahead with Public Listing

Circle’s move towards being a publicly listed company began during the 2021 cryptocurrency’s bullish season. At that time, the company stated that it was ready to enter a merger with SPAC, a Special Purpose Acquisition Company, to become a public company.

However, in December 2022, the company’s CEO, Jeremy Allaire, announced a setback, revealing that the deal fell short of SEC’s qualification deadline. Earlier this year, Circle executives stated that listing the company was vital to their business strategy.

Meanwhile, the organization has not specified the date for the initial public offering. In a recent interview, a Circle spokesperson stated that the company could not set a particular deadline for the decision.

Also, the recent job posting by Circle seeking to fill a corporate counsel position further proves that the organization plans to go public. The job description outlines that the new hire would be responsible for assisting with the SEC process related to going public and would also aid in developing public company policies, practices, and operations.

While speaking during a recent interview, the Circle CEO stated that the success of the company’s public listing plans will give it an edge over its competitors. With Circle at the forefront of the public listing movement, other US crypto firms are also making similar plans.

Last year, Galaxy Digital, headed by Mike Novogratz, also considered IPO listing. Kraken, a famous US-based exchange firm, recently posted a job vacancy similar to Circle’s, suggesting that the crypto exchange might be making a similar move to be listed publicly.

Kraken’s job posting details indicated that the legal team should focus on being prepared for public company situations. Also, it noted that candidates with experience in public company reporting would be preferred for the position.

Circle Appoints Experienced Legal Advisor To Lead Global Expansion

Meanwhile, Circle has announced that starting from July 1, Heath Tarbert will take over as the firm’s chief legal officer and head of corporate affairs. Circle’s global expansion will be under the guidance of Tarbert, an experienced legal advisor who has led teams within the major regulatory agencies across all levels of government.

According to Tarbert, “This period is crucial for blockchain technology as regulators begin to take action, and there should be a collaborative effort to create legislation in hopes of making progress.” Following Tarbert’s new appointment, the US House committee has announced that it is considering a new stablecoin bill.

According to the announcement, the house committee is considering a bill to make the Federal Reserve the primary overseer of cryptocurrency issuers. Also, the bill wants the Fed to perform oversight functions regarding token issuances.

The recent developments follow the federal regulator’s enforcement measures against Coinbase and Circle, co-founders of the Centre Consortium. This membership-based group manages the issuance of the USDC stablecoin.

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