Bitcoin wallet software company Exodus Movement is pretty upset after the Securities and Exchange Commission (SEC) moved to delay the company’s planned listing on a U.S. stock exchange.
The SEC postponed the crypto company’s listing on the NYSE American, the New York Stock Exchange’s sibling market.
“While we are deeply disappointed, Exodus will continue to empower customers all over the world to control their own wealth using our best-in-class self-custody crypto wallet,” the company’s statement reads.
Exodus CEO JP 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, which offers an extremely popular self-custodial software wallet for a number of cryptocurrencies, went public in 2021 and was due to list its common stock on NYSE American under the ticker EXOD.
Exodus’ common stock was set to be tokenized on Algorand, the crypto network behind ALGO, the 64th biggest digital asset.
That would make Exodus the only company in the U.S. to have its common stock tokenized on a blockchain.
According to Decrypt, Wall Street’s top regulator, the SEC, has come down hard on the digital asset industry over the past few years. It has sued a number of top American crypto exchanges—including Coinbase and Kraken—for allegedly offering unregistered securities, and has further warned other crypto startups that enforcement actions are coming.