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Crypto Firm Circle Blames SEC for Collapse of $9B SPAC Deal

January 25, 2023
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Stablecoin company Circle says the SEC is to blame for its failure to go public.

The company told the Financial Times in an interview published today that its $9 billion deal was called off last year not because of the turbulent cryptocurrency market, but because the SEC had not approved it.

Circle Internet Financial and Concord Acquisition last month terminated their proposed business combination initially announced in July 2021. Shortly thereafter, Concord redeemed shares and dissolved.

Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Reqd more.

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