A post-election check-in on a crypto firm still trying to go public

A look at software wallet Exodus may show how an SEC shakeup could have a real impact on industry companies

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With ongoing talk about how the regulatory winds are now set to turn in crypto’s favor after the election, one can look at software wallet Exodus to see how an SEC shakeup could have a real impact on industry companies.

I checked in with executives at Exodus, which had its public listing delayed in May. 

Exodus CEO JP Richardson wasn’t too happy about the delay, saying in a statement the company was “surprised and confused by this last-minute decision,” given it had been “fully transparent and responsive “ with the SEC throughout the process.

Elliot Chun, a partner at advisory firm Architect Partners, blamed the SEC’s “no framework and attack every crypto company enforcement strategy.” 

An SEC spokesperson said the agency does not comment on individual companies.

Richardson supported Donald Trump, noting on X how he shared Exodus’s story with the now president-elect. Veronica McGregor, the firm’s legal chief I spoke with in August, was involved in the Crypto4Harris group’s efforts.

McGregor told me after the election she looked forward to working with the new administration, adding “there is zero reason for crypto to be a partisan issue.”

While legislation could take a while to accomplish, she noted, changing the leadership and focus of regulators can (and should) be done more quickly.

“Our top priority is making sure there is a dramatic shift in attitude and approach by regulators such as the SEC,” she added. “The ongoing theme of trying to cram new technology and business models into ancient legal and regulatory frameworks is not merely unproductive, it is also especially detrimental to business and innovation.”

On the public listing, Exodus just submitted a response to the SEC’s latest comment letter and is awaiting next steps, a spokesperson told me.

Even with Trump set to be president, SEC reforms won’t happen overnight, Richardson acknowledged. 

He noted: “I’d expect his administration to start laying the groundwork within the first year, bringing in the right experts and setting a regulatory foundation that aligns with his campaign promises.”


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With the recent election, it’s clear that there will be a meaningful shift in crypto regulations and legislation. Trump is likely as pro-crypto as a president can be. He launched (multiple) of his own NFT collections and is launching an Aave wrapper called World Liberty Fi. He has also spoken out and mentioned that he wants to make the United States "the crypto capital of the planet" and transform it into the "Bitcoin superpower of the world". He proposed creating a strategic national Bitcoin stockpile alongside support from Senator Cynthia Lummis, promising to retain 100% of all Bitcoin held by the U.S. government. More importantly, we’re likely to see deregulation across the board in a lot of industries, with crypto being one of them - as Trump has committed to keeping the crypto market largely unregulated. Crypto, DeFi in particular, has historically been knee-capped by overreaching and hostile governmental agencies and regulation by enforcement, as evidenced by the plethora of Wells notices and lawsuits over the past few years. With Donald Trump winning the presidency, Republicans taking control of the Senate, and being on the verge of securing the House, we think it’s likely that crypto realizes positive regulatory clarity. Below, you can find our analysts’ takes:

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