The U.S. Securities and Exchange Commission is yet to approve certain cryptocurrency-focused companies planning to go public as the industry continues to grapple with liquidity issues, bankruptcies and resulting market volatility.

Companies including Bullish Global, Circle Internet Financial and eToro reportedly failed to get SEC approvals required to go public through mergers with SPACs.

Circle and SPAC Concord Acquisition (CND) scrapped their merger as the deal couldn’t be closed within the deadline. EToro and SPAC FinTech Acquisition (FTCV) also ended their merger.

Crypto broker Galaxy Digital (OTCPK:BRPHF) faced repeated questioning from the SEC about its business since it filed to go public on Nasdaq. Galaxy declined to comment further on the review process, but earlier said it expects the listing to happen this year.

The delay in the SEC’s review for listing crypto companies has come at a time when a string of bankruptcies in the industry led to a prolonged market downturn, including the collapse of exchange FTX and hedge fund Three Arrows.

In the wake of the downturn, the SEC has stepped up its scrutiny of crypto businesses, proof of reserves, and their exposure to market volaility. SEC Chairman Gary Gensler said investors need better protection in the wake of the FTX fallout.

Bullish Global, Circle and eToro did not immediately respond to requests for comment.

Earlier, the SEC charged Avraham Eisenberg with price manipulation to steal $116M in crypto from Mango Markets.