Circle CEO Reaffirms Commitment To IPO Amid Regulatory Challenges

According to Odaily, Circle Internet Financial Ltd. CEO Jeremy Allaire recently reiterated the company's long-standing ambition to go public. Despite facing setbacks, Circle remains focused on its IPO plans without seeking private market funding. Allaire emphasized, 'We are very committed to the path of going public. We can be a truly interesting company in the public markets.' Circle's journey to an IPO has been fraught with challenges, particularly after a failed merger with Concord Acquisition Corp. in 2022. Earlier this year, Circle opted for a more traditional route, confidentially submitting a draft registration statement for an IPO to the U.S. SEC in January. Over the past nine and a half months since the submission, Allaire has refrained from commenting on any interactions with the SEC or other regulatory bodies. This period has seen significant regulatory crackdowns on the cryptocurrency industry by the U.S. government. Despite the prolonged approval process, Allaire stated that the company does not need to raise additional funds. 'We are in a strong financial position to build a very solid business, and we are not seeking any funding at this time,' he said. In June, reports indicated that Circle has been ramping up its staffing efforts in anticipation of going public. This hiring surge is also driven by regulatory optimism, with expectations that Washington lawmakers might eventually provide a regulatory framework for the industry in the form of a stablecoin bill. Several cryptocurrency-related legislative drafts are currently under consideration in Congress. Allaire expressed strong optimism that stablecoin legislation could even pass during the lame-duck session following the November elections. He added that new regulatory measures would reassure traditional financial players, including banks, asset management firms, and payment companies, to enter the digital asset ecosystem. 'They will only work with regulated infrastructure, and we are prepared for that,' Allaire concluded.