EXODUS CEO FRUSTRATED AS SEC DELAYS LISTING 

Exodus, a cryptocurrency wallet company, is currently experiencing a delay in its intended listing on the New York Stock Exchange American (NYSE American), pending further review by the United States Securities and Exchange Commission (SEC). The listing, previously scheduled to start on May 9, has been postponed due to the SEC’s requirement to complete its review of Exodus’ registration statement, effective April 28.

Previously, the NYSE American had approved the listing of Exodus’ Class A common stock, valued at a nominal $0.000001 per share, marking a transition from the OTCQX market to a more prominent financial platform. This shift is now delayed, impacting the company’s potential growth and visibility within the financial markets.

Exodus CEO, JP Richardson, voiced his frustration and disappointment over the unexpected delay, especially given the company’s compliance with regulatory standards throughout the process. Richardson remarked on the situation, “We have consistently adhered to the regulations as outlined, and yet, just as we approach a significant milestone, the regulatory goalposts have moved. This is incredibly disheartening.”

Adding to the disappointment, Richardson noted that many Exodus employees and their families had traveled to New York City to celebrate the anticipated listing. He remains hopeful for a quick resolution, affirming, “Exodus has always been transparent and proactive in our dealings with regulatory bodies, and we anticipate that the SEC will uphold the law as it should be applied.”

In light of the delay, Exodus has indicated that it may reconsider its decision to list, based on the outcome of the SEC review. Currently, shareholders are advised that no action is required on their part.

The situation has caught the attention of crypto personality Lark Davis, who humorously suggested that the SEC might be preparing to take legal action, a comment reflecting broader concerns in the crypto community. This community tension is amplified by recent legislative actions, such as the U.S. House of Representatives voting to overturn the SEC’s anti-crypto banking guidance, SAB 121. The bill, H.J.Res.109, spearheaded by Republican Representative Mike Flood, passed with significant support and criticizes the guidance for unfairly treating banks that provide crypto custody, treating such custodial assets as “off-balance sheet.”

These developments underscore the ongoing friction between financial institutions and regulatory authorities as the crypto industry seeks greater integration with traditional financial (TradFi) systems.

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