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Crypto-SPAC Deals Stuck in SEC Limbo as Token Demand Plunges

  • Blank-check deals with digital-assets face accounting scrutiny
  • Circle, eToro and Bullish Global all pushed back deadlines
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Crypto companies that have been trying to go public since last year’s boom remain stuck in a lengthy back-and-forth with US regulators, adding to the pile of challenges facing the industry.

Bids to merge with blank-check companies are getting scrutiny from accountants at the Securities and Exchange Commission because the asset class raises fresh bookkeeping issues, according to people familiar with the matter. Dates for closing multibillion-dollar deals involving Circle Internet Financial Ltd., a stablecoin issuer, and exchanges run by Bullish Global and eToro Group Ltd. have all been pushed back multiple times.