Crypto wallet provider Exodus said the US Securities and Exchange Commission (SEC) made a “surprising last-minute decision” that delayed its planned listing on the NYSE American Stock Exchange, according to a May 9 statement.NYSE said the SEC halted the listing because the financial regulator’s staff are still reviewing Exodus’s registration statement.Exodus added:“We’re hopeful the SEC will act in good faith, and Exodus will be welcomed to the NYSE in a timely manner. Crypto’s potential is undeniable…”Earlier in the week, Exodus revealed that its shares would be uplisted from the OTCQX to NYSE American by May 9. At the time, CEO JP Richardson said the move would “create greater long-term value for our stockholders by increasing our presence within the investor community and, in turn, increase liquidity.”However, with the SEC’s delaying the uplisting, Exodus said it might reconsider listing on a national securities exchange later. Nonetheless, its shares, with the ticker EXOD, would continue to trade on OTCQX.Richardson said:“While we are surprised and confused by this last-minute decision, we remain hopeful that the SEC will follow through on its commitment to treat us as the law intends. Exodus has been fully transparent and responsive throughout this process and we expect a swift resolution in this matter.”Meanwhile, recent unaudited reports on Exodus’ first-quarter earnings revealed a substantial 118% year-on-year revenue growth, totaling around $29.1 million. The firm said it has approximately 1.69 million active users.In recent years, the SEC, under Gary Gensler‘s leadership, has taken an aggressive stance toward the emerging crypto industry. Gensler’s tenure has been marked by a focus on integrating crypto into the SEC’s regulatory framework, using the Howey test to classify digital assets as securities.However, critics argue against the SEC’s heavy-handed enforcement tactics, urging Congress to provide clear legislative guidance instead. Unfortunately, the pace of legislative action in this realm has been slow, exacerbating the industry’s uncertainty.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Get the latest crypto news and expert insights. Delivered to you daily.The current uncertainty in the market is being fueled by the impending Federal Open Market Committee’s (FOMC) decision on cutting interest rates.Embracing Bitcoin mining could be pivotal in Trump’s envisioned energy strategy.Courts dismissed the case without prejudice, leaving Musk an option to refile the case at a later date.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
