The Jeremy Allaire-led firm said that the turbulence in the crypto market had nothing to do with the termination.
that it would go public by December 2022. The move would have put both members of USDC’s Centre Consortium on the public market.
However, as the crypto market plunged, bankruptcies ensued that sent the space into significant turmoil. Circle, on the other hand, said that negative market sentiment wasn’t a factor that led to the abandonment of its Spac. The company wrote in a statement,“We never expected the SEC registration process to be quick and easy. We’re a novel company in a novel industry.
Significant time was lost during Circle’s initial filing and December 2022, when the deal hit its expiration date as a result of regulatory confusion surrounding the US watchdogs’ interactions with several firms in the space. The subsequent FTX implosion blocked any chances of approval by crypto companies.Circle’s deal would have been one of the world’s biggest involving a SPAC.
For instance, 10x Capital Venture Acquisition Corp also ended a $1.25 billion merger deal with crypto mining company Prime Blockchain. Bullish Global and Far Peak Acquisition Corp also failed to secure SEC approval for the same.
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