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Digital investment brokerage Webull Corporation faced significant obstacles in its quest to go public, largely attributed to its cryptocurrency offerings, as disclosed by the companys U.S. CEO on Wednesday.

The online brokerage, aiming for a U.S. listing through a merger with special purpose acquisition company (SPAC) SK Growth Opportunities Corp. SKGR , has seen its journey marked by regulatory challenges and strategic shifts, particularly around its crypto operations.

The proposed merger, valuing the combined entity at approximately $7.3 billion, is set to elevate Webull onto the Nasdaq, contingent upon approval from shareholders and regulators.

This development followed several thwarted attempts at an initial public offering, with Anthony Denier, Webulls U.S. CEO, citing various impediments, including the platforms exposure to cryptocurrency, as significant obstacles.

The SEC has not been friendly, which is widely known, Denier remarked in an interview with Bloomberg News.Webull Steers Away From Crypto To Secure Nasdaq Listing

Founded by Wang Anquan, an alumnus of Alibaba Group Holding Ltd. BABA and Xiaomi Corp., Webull ventured into crypto trading in 2020, aiming to compete with platforms like Robinhood Markets Inc. HOOD .

However, the regulatory landscape concerning crypto trading prompted Webull to divest its digital asset business and eliminate cryptocurrency trading from its offerings globally by the end of the third quarter, as stated by Denier. This decision underscored the regulatory ambiguities faced by registered broker dealers in the crypto space, leading to a cautious retreat from these offerings.

Despite these challenges, Webull maintained crypto- and forex-related information on its website, providing market data and educational content for informational purposes only, without offering actual trading in these products, as specified by the company.

Webull has a robust 20 million registered users across 15 regions worldwide and manages $370 billion in equity notional volumes. Recently, the broker announced a partnership with the NBA's Brooklyn Nets and the WNBA's New York Liberty as the official basketball jersey patch partner.

Now Read: Webull To Go Public With SPAC Merger: What Investors Need To KnowLoading… Loading…

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Sports

Colorado lands former Pitt DE Hayes from portal

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Colorado lands former Pitt DE Hayes from portal

Former Pittsburgh defensive end Dayon Hayes announced Sunday that he is transferring to Colorado.

Hayes led Pitt in tackles for loss last season with 10.5 and also had 45 total tackles, four sacks and six quarterback hurries. He is a 6-foot-3, 265-pound senior who played the past four seasons for Pitt after signing with the team out of high school.

He is bringing some needed defensive help to Colorado, especially in getting to the quarterback and being disruptive up front. The Buffaloes were ranked No. 63 in sacks last season with 27 and No. 78 in defensive pressures with 139.

The staff has worked this offseason to add more help up front on the defensive side with Hayes and reuniting him with former Pitt teammate Samuel Okunlola, who is also transferring in to Colorado. In addition to those two, Colorado has former Alabama lineman Anquin Barnes, former LSU lineman Quency Wiggins, Arizona State‘s B.J. Green, Arkansas lineman Taurean Carter, Kentucky edge Keaten Wade, New Mexico State edge Nikhil Webb Walker and Houston lineman Chidozie Nwankwo entering the program.

The Buffaloes have brought in transfers in droves during coach Deion Sanders’ tenure at Colorado. The program finished the 2023 season with a 4-8 record.

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Politics

Sunak set for week-long blitz of announcements amid talk of no-confidence vote and summer election

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Sunak set for week-long blitz of announcements amid talk of no-confidence vote and summer election

Rishi Sunak is undertaking a week-long blitz of activity and announcements at home and abroad in a bid to convince a sceptical party he has the ideas and drive to continue as prime minister.

After weeks of criticism about an empty legislative agenda, an inability to set the agenda, and divisions in the Tory Party dominating the headlines, this week “action man” Mr Sunak will seek to take back control with news conferences, interviews and announcements.

On the Politics At Jack And Sam’s podcast, we discuss how Mr Sunak is aware of a possible challenge to his position with a vote of no confidence after the local and mayoral elections on 2 May.

He is undertaking a burst of activity to be able to point to his MPs to a rich agenda both this side of a general election and beyond.

👉 Listen above then tap here to follow Politics at Jack at Sam’s wherever you get your podcasts 👈

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‘Patience is thin’ over Rwanda bill delays

On Monday, the PM will hold a news conference to champion the likely passage into law of the emergency Rwanda legislation first announced last year.

Then on Tuesday, he will embark on a two-day European trip, beginning in Warsaw, with a major announcement planned as part of the trip.

Some sources expect the announcement to be defence-related, possibly around jointly training troops and sharing equipment with Poland and the West Balkans.

This is Mr Sunak’s first major trip on to the world stage in months, apart from a brief visit to Ukraine.

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Truss refuses to apologise for sparking mortgage rate rise

It follows his first set-piece speech outside the Commons last Friday about welfare reform.

Many of the ideas there were designed for the manifesto and to be implemented in the next parliament in the unlikely event the Tories win.

The looming spectre of a challenge has led to some conversations about holding the election over the summer, with the starting gun fired possibly even announced before the local elections.

This remains unlikely, however, since it would be possible for the opposition to present this as a move prompted by panic, and the Tories remain around 20 points behind in the polls.

Therefore appealing to his party to allow him to stay in the job, by showing a blizzard of action and announcements, is a priority for Mr Sunak amid continued speculation about his party’s unhappiness.

Some 57 Tory MPs voted against his flagship smoking ban policy last week, with a further more than 100 abstaining, in a sign of his lack of grip on the party.

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Politics

The Week… Rishi tries to save his skin

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The Week... Rishi tries to save his skin

Two of Westminster’s best-connected journalists, Sky News’s Sam Coates and Politico’s Jack Blanchard, guide you through their top predictions for the next seven days in British politics.

This week, they react to MP Mark Menzies’ resignation from the Conservative Party and look at what it might mean for the next election.

Also this week, Rishi Sunak is packing his bags for Europe. Jack and Sam discuss what’s on the trip’s agenda, including highly anticipated announcements on the defence of Ukraine, as well as the UK’s wider defence and warfare strategy.

Mr Sunak’s Rwanda plan could finally pass through parliament too, more than five months after he unveiled the emergency laws. Jack and Sam reveal the final stage will be far from straightforward though, with MPs told to expect a long night in the Commons.

Plus, Angela Rayner is standing in for Keir Starmer at PMQs this week, the first time she’s been in the Commons since police announced they were investigating her. Jack and Sam discuss how she’ll deal with the mounting pressure.

👉 Listen above then tap here to follow Politics at Jack at Sam’s wherever you get your podcasts 👈

Email with your thoughts and rate how their predictions play out: jackandsam@sky.uk or jackandsam@politico.co.uk

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