Summary:
Celsius, a bankrupt crypto lender, has been given permission to sell its altcoins and convert them into Bitcoin and Ether. This decision was made by Bankruptcy judge Martin Glenn, who allowed Celsius to sell or convert any non-BTC and non-ETH cryptocurrencies into BTC or ETH. The approval comes after the U.S. SEC classified several altcoins as unregistered securities. Celsius has been in contact with the SEC to ensure compliance with federal and state laws. Farenheit, a consortium of crypto investors, won an auction to acquire Celsius’ assets. Celsius had 1.7 million users and was in contact with the SEC to ensure compliance with laws when it failed.
Key Points:
- Celsius has received permission to sell its altcoins and convert them into Bitcoin and Ether.
- The decision was made by Bankruptcy judge Martin Glenn.
- The SEC classified several altcoins as unregistered securities.
- Celsius has been in contact with the SEC to ensure compliance with laws.
- Farenheit, a consortium of crypto investors, won an auction to acquire Celsius’ assets.
Hot Take:
Celsius’ permission to liquidate its altcoins into Bitcoin and Ether is a significant development in the bankruptcy proceedings. This decision allows Celsius to convert its assets into the top two cryptocurrencies, ensuring that creditors receive their distributions in widely accepted and valuable assets. Additionally, Celsius’ collaboration with the SEC demonstrates its commitment to operating within legal boundaries and complying with regulations. The acquisition of Celsius’ assets by Farenheit and other investors further highlights the continued interest and confidence in the crypto industry, despite the challenges faced by individual companies.
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