Creditors Approve Celsius Reorganisation Plan
Good news for creditors of Celsius, as they have voted overwhelmingly in favor of a reorganisation plan that could potentially return between 67% to 85% of their holdings on the bankrupt platform. The plan, which is pending final court approval, involves selling assets to Fahrenheit Holdings, a consortium that includes Arrington Capital and U.S. Bitcoin Corp.
Confirmation Hearing Scheduled
The voting procedure for the reorganisation plan has already been approved by a judge. A confirmation hearing is now set to take place on October 2nd, where final approval will be determined.
SEC Questions Coinbase Partnership
A recent partnership between Celsius and Coinbase has raised concerns from the Securities and Exchange Commission (SEC). The SEC argues that the partnership would classify Coinbase as a broker rather than a distributor. Although this issue has no direct legal impact on the Celsius bankruptcy case, the regulatory agency has advised pausing the partnership and finding an alternative distributor.
Coinbase Responds to SEC Claims
Coinbase has defended its partnership with Celsius through a tweet from Paul Grewal, Chief Legal Officer at the crypto exchange. Grewal questions why the SEC would object to a trusted US public company taking on this role and expresses confidence in addressing the matter with the bankruptcy court.
Hot Take: SEC’s Ongoing Battle Against Crypto
The SEC’s ongoing battle against cryptocurrencies continues as it questions partnerships and raises concerns about regulatory compliance. However, industry players like Coinbase are prepared to stand up against these challenges. This situation highlights the need for clear regulations and guidelines that can foster innovation while protecting investors.
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