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Opinion
Chris Bryant

A SPAC and Crypto Marriage Was Always Doomed

Crypto companies seeking the public markets’ stamp of approval face a rightly skeptical SEC.

Not the best combo.

Not the best combo.

Photographer: JUSTIN TALLIS/AFP

Banker Bob Diamond was forced to pull the ripcord this week on his attempt to take stablecoin issuer Circle Internet Financial public via a special purpose acquisition company.

The ex-Barclays Plc boss’s dealmaking ability probably wasn’t the issue. Nor was the target’s financial performance: Circle earns interest income on the reserves that backstop its stablecoin USDC, and rising interest rates have thus benefited its bottom line.