Key Points:
The company expressed astonishment at the SEC’s delays and changes in attitude on the topic and demanded a quick conclusion to its bankruptcy case.
Delays in the transaction cost the firm $10 million a month, according to a filing by Voyager in the United States Bankruptcy Court for the Southern District of New York on Sunday.
Mark Renzi, Voyager’s financial adviser, cited CoinDesk reporting of remarks by the SEC’s William Uptegrove, who first declined to take a position on VGX’s status on Thursday and then told the court on Friday that the SEC’s staff believes BinanceUS is operating an illegal securities exchange because financial instruments must be registered with the regulator. According to Uptegrove, the statement did not reflect the opinions of the SEC commissioners.
“This supplemental statement from the SEC’s counsel was a surprise to the Debtors; I understand from the Debtors that they were asked by the SEC to provide information regarding VGX in 2021 and did so in 2021 (approximately a year and a half ago), while subsequent SEC inquiries addressed different topics. While I am neither a lawyer nor a securities law expert (nor am I taking a position on the matter), I have been advised that the Debtors disagree with any assertion, by SEC staff or otherwise, that VGX is a security, and the Debtors’ view is supported by a legal opinion from a nationally recognized law firm,” Renzi said in the SEC filing.
Judge Michael Wiles of the United States Bankruptcy Court looked suspicious of the Securities and Exchange Commission’s (SEC) attempt to halt Binance’s purchase of Voyager Digital’s holdings in the United States.
“I get the feeling that this objection has been made as a kind of cover, so you can say later that we’ll see we raised these issues. You haven’t really, you have done nothing … I need to know specifics.”Wiles said.
Renzi has now offered changes to the deal’s specific language that he says are too modest to require another vote by creditors.
Last July, Voyager declared Chapter 11 bankruptcy. Binance.US announced its acquisition of Voyager in December, but in reaction to SEC discoveries during recent hearings, Binance CEO Changpeng Zhao stated that he could pull out of the deal. The crypto lender is seeking judicial permission for Binance.US’s $1.02 billion acquisition bid.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…
VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…
President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.
Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…
BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…
Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…
This website uses cookies.