, Columnist
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.
Photographer: JUSTIN TALLIS/AFPThis article is for subscribers only.
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.