The Securities and Exchange Commission has proposed new rules and amendments to disclosure standards for special purpose acquisition companies (SPACs).
Another route to funding
SPACs expedite the process to going public and have become a popular fundraising route. In a SPAC, a private company seeking to go public is acquired by an already-listed company rather than going through the more arduous disclosure and filing process of a traditional initial public offering.
But over time, SPACs have drawn scrutiny from the SEC since the swift process can allow some firms to go public with lofty projections, sometimes without even a product.
Numerous crypto firms have eyed the SPAC model, like Bullish, Circle (which plans to go public towards the end of this year), Coincheck, Bitdeer and others.
More like an IPO
Now, the SEC is starting the process of taking action on SPACs, this time in the form of a rule change proposal. The new SPAC rules would significantly heighten disclosure stand
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