A spokesperson for USD Coin (USDC) issuer Circle has denied experiences that it blames the US Securities and Change Fee (SEC) over its failed $9 billion plan to go public in December.

The stablecoin issuer consultant was responding to a Jan. 25 Monetary Instances article whichcharacterizedCircleas having “blamed” the securities regulator for its “derailed” itemizing on account of dragging its ft on the approval of a merger settlement.

Nevertheless, a Circle spokesperson clarified to Cointelegraph that was not the case and that it doesn’t maintain any blame over the SEC for the termination of its merger settlement.

“Circle has not and doesn’t blame the SEC for something associated to the mutual termination of our SPAC merger settlement with Harmony, and any statements on the contrary are inaccurate.”

Circle’s itemizing on the New York Inventory Change (NYSE) was pegged on them having the ability to mix with Harmony, an organization arrange by banker Bob Diamond by way of a Particular Goal Acquisition Firm association, also called a SPAC deal.

Nevertheless, based on the FT, Circle stated the merger didn’t be consummated on account of the SEC not declaring the associated S-4 registration efficient in time, which might trigger the settlement to lapse on Dec. 10.

Circle’s spokesperson nevertheless referred to earlier statements made by the corporate in December, noting that “the deal merely termed out.”

Harmony had not publicly disclosed a motive for the failed enterprise mixture, however filed an 8-Okay kind with the SEC on Dec. 5 — the identical day the deal was introduced as terminated — which revealed that it was being delisted by the NYSE as a result of “abnormally low buying and selling worth ranges.”

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Certainly, in a Dec, 5 tweet Circle co-founder and CEO Jeremy Allaire had nothing however optimistic phrases concerning the SEC, and famous that whereas it was disappointing that they have been unable to finish qualification in time it was nonetheless planning on changing into a publicly-listed firm.

2/ From my perspective, I imagine that the SEC has been rigorous and thorough in understanding our enterprise and lots of novel points of this business. This type of evaluate is important to finally present belief, transparency and accountability for main corporations in crypto.

— Jeremy Allaire (@jerallaire) December 5, 2022

As Cointelegraph had beforehand reported, the deal was first introduced in Jul. 2021 at a valuation of $4.5 billion, earlier than doubling in Feb. 2022 when it was revised as much as $9 billion.