Exod’s CEO is upset because the SEC delayed the listing in the middle of the holidays

Exceed's listing on the New York Stock Exchange (NYSE) has been delayed pending the implementation of its US Securities and Exchange Commission (SEC) registration statement since April 28.

NYSE American previously approved the listing of Exact's Class A common stock at a price of $0.000001, expected to begin trading on May 9. However, due to the back pedal, Exodus will make the transition from the OTCQX market to the NYSE American. Put on hold until the SEC completes its regulatory compliance process.

A listing delay has serious implications for Exodus, as the move to NYSE America will affect visibility and financial market growth. This regulatory hurdle highlights the hurdles crypto companies face when conducting business under traditional financial (TradFi) regulation.

Exodus CEO JP Richardson expressed his bewilderment and confusion at the delay.

“We hope the SEC follows through on its commitment to hold us as the law intends. Exodus has been completely transparent and responsive throughout this process and we look forward to a speedy resolution to this matter. In the meantime, we will continue to provide the best service and value to our customers and shareholders.”

Richardson later revealed that many employees and their families had gathered in New York City to “celebrate the season.”

Every move we played under the given regulatory rules and at the 11th hour the rules of the game changed. It's more than frustrating,” he said.

Exodus explained that the decision to relist after the SEC review will be reviewed as a result, and shareholders will not need to take any action at this time.

Commenting on the situation, entrepreneur and crypto personality Lark Davis said the SEC is “probably going to sue.”

Although offensive in nature, Davis' comments highlight concerns within the crypto community — heightened by the recent US House of Representatives vote to reject the SEC's anti-crypto banking directive SAB 121.

The bipartisan bill, dubbed HJRes.109, was introduced by Republican Rep. Mike Flood on May 8 and passed by a vote of 228 to 182, arguing that SAB 121 is unfair to banks seeking crypto custody because of its protective assets. It is always considered “out of balance”.

These legislative efforts reflect the tension between financial institutions and regulatory bodies as the crypto market slowly tries to enter TradFi.