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

article-image

Maor_Winetrob/Shutterstock modified by Blockworks

share


This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


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.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (8).png

Research

Meta-aggregators like Titan and Kamino Swap improve price execution for users, making the Solana swapping landscape more competitive. Jupiter has incorporated meta-aggregation features into its latest routing engine to keep users on its front end (own the user, own the flow). At large, teams are treating swaps as a commoditized complement, offering incredibly cheap or free swaps to own the end-user and increase demand for high-margin product offerings (multi-product DeFi). On another note, the divergence in the concentration of aggregator volume between DEXs suggests increased specialization at the DEX layer by asset type.

article-image

Solana dropped nearly 10% amid mass crypto liquidations triggered by rising geopolitical strife

article-image

Investors moved to safe assets like the US dollar and gold, but bonds faltered

article-image

The Amex offers up to 4% bitcoin back, but the deal is a bit ironic considering crypto’s goals

article-image

Short answer: Subnets are now cheaper to bootstrap than a Celestia rollup

article-image

Few things are more cypherpunk than keeping keys in your brain wallet

article-image

Many community banks and credit unions feel like they missed the fintech craze — and they don’t want to miss stablecoins