UPDATE: The decision to cancel the agreement has been approved by the board of both circle and Concord Acquisition. By parikshitm899 and JamieCrawleyCD
Circle CEO Jeremy Allaire attributed the termination to not completing the U.S. Securities and Exchange Commission's "qualification in time" in a Twitter post.
"I believe that the SEC has been rigorous and thorough in understanding our business and many novel aspects of this industry," he added."This kind of review is necessary to ultimately provide trust, transparency and accountability for major companies in crypto." The firm also said that it turned profitable in the third quarter of this year and ended the quarter with almost $400 million in unrestricted cash.
The termination follows similar high-profile crypto firms cancelling plans to go public via a SPAC, such as
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