Stablecoin Issuer Circle Cuts Employees, Sunset Crypto Industry?

The stringent regulatory action by the US Securities and Exchange Commission (SEC) has not deterred USDC stablecoin issuer Circle from going ahead with its IPO plans. However, given the current regulatory policies, it seems that the corporate action will not go smoothly.

In the 2021 crypto bull run season, Circle announced its plans to go public through a merger with a special purpose acquisition company (SPAC).

But last December 2022, Circle CEO Jeremy Allaire said that they did not complete the SEC qualifications on time

On the other hand, Circle executives said earlier this year that going public was an important part of the company’s strategy. Although the company still does not know the exact listing timeline. Speaking to Blockworks, a company spokesperson added:

“We are not ready to set a specific deadline on the decision, but we will be taking steps to continue our journey to go public as soon as possible,” said a company spokesperson, citing the Coingape website, Saturday (10/6/2023).

In addition, the company apparently uploaded a job offer in the form of a professional adviser whose needs refer to the IPO action.

“Professional advisors will be assigned to assist with the process of complying with SEC requirements for going public as well as supporting the development of our public company policies, practices and processes,” the announcement said.