SEC Halts NYSE Listing of Crypto Firm Exodus Movement!

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In early May 2024, Exodus Movement, Inc., known for developing the Exodus Wallet for Bitcoin, said it received approval to list its common stock on the New York Stock Exchange. JP Richardson, CEO and co-founder of Exodus, announced that the U.S. Securities and Exchange Commission (SEC) had qualified the company’s stock, allowing it to trade on NYSE American, the former American Stock Exchange (AMEX).

Exodus planned to tokenize its common stock on the Algorand blockchain, positioning itself as the first U.S. company to achieve such a milestone. Despite these advancements, the company recently disclosed that its Class A common stock listing on the NYSE American would be delayed pending the SEC’s final review of its registration statement. Until then, Exodus will continue trading on the OTC Markets’ OTCQX.

The firm expressed its frustration and disappointment when the SEC unexpectedly postponed its NYSE American listing. Exodus conveyed its surprise and dissatisfaction with the SEC’s sudden decision on X, emphasizing its commitment to enabling global customers to manage their wealth independently through its top-rated self-custody crypto wallet.

JP Richardson expressed his bewilderment and hope, trusting that the SEC would follow the law in its final decision. However, Exodus refrained from commenting further or answering additional inquiries.

Since going public in 2021, Exodus aimed to list its stock under the ticker EXOD. The company reported a significant increase in revenues, rising 118% year-on-year to $29.1 million in Q1 2024, with approximately 1.69 million monthly active users during that period.

This situation underscores the ongoing tension between the SEC and various crypto firms as the agency continues to intensify its scrutiny and enforcement actions related to securities violations within the cryptocurrency sector.


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