A spokesman for Circle, a foreign investor in the United States Dollar Coin (USDC), denied the report about its US $9 billion offering plan that accused the United States Securities and Exchange Commission (SEC) of being unsuccessful in December.

On January 25, the Financial Times of the United States published an article saying that Circle "accused" the regulators for delaying the approval of the merger agreement, which led to the "derailment" of its sale

However, a spokesman for Circle responded to Coin Telegram that this was not the case. It did not face all accusations because the SEC stopped its merger agreement.

"Circle did not blame the SEC as long as we stopped the SPAC merger contract with Concord, and all statements in the opposite direction were inaccurate."

The listing of Circle on the New York Stock Exchange (NYSE) depends on whether they can merge with Concord, an enterprise allocated and established by the financier Bob Diamond according to the Special Purpose Acquisition company, also known as SPAC trading.

However, according to the Financial Times, Circle said that the merger could not be carried out because the SEC failed to publish the registration of the S-4 application in time, which would lead to the invalidity of the agreement on December 10.

However, the spokesman of Circle referred to the statement issued by the enterprise in December before, stressing that "this transaction is only a simple statement"

Concord did not disclose the reason for the unsuccessful business process merger, but on December 5 (the same day when the trading announcement was stopped), it submitted an 8-K statement to the United States Securities and Exchange Commission, which showed that it was listed on the New York Stock Exchange because of "abnormally low transaction price"

In fact, in a tweet on December 5, Jeremy Allaire, the co-founder and CEO of Circle, kept silent with the SEC and stressed that although it was disappointing that they did not conduct professional qualification certification in time, they were still planning to become a company.

As reported by Cointegration, the deal was first announced in July 2021. The company's valuation was $4.5 billion, and then doubled in February last year. At that time, it was revised to $9 billion.