Circle's SPAC Is Down the Drain

USDC issuer Circle has abandoned its plan to go public via a “special purpose acquisition company” merger with Concorde Acquisition Corp, which is led by former Barclays CEO Bob Diamond. At the top of today’s Real Vision Crypto Daily Briefing, Elaine Ly and Ash Bennington talk about why Circle and Concorde are walking away from a deal that valued the stablecoin group at up to $9 billion. Later, Diogo Mónica, the co-founder and president of digital assets custodian Anchorage Digital, joins Ash and Elaine to discuss lessons institutional investors can learn about crypto custody from the unfolding FTX meltdown. Diogo, Ash, and Elaine also take up Nexo’s phase-out of its U.S. products, Rep. Maxine Waters’s insistence that Sam Bankman-Fried attend a hearing next week on Capitol Hill, and the Federal Trade Commission’s investigations of multiple crypto companies over allegations of false advertising.

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