Key Points:
According to Walter Bloomberg, The Securities and Exchange Commission (SEC) has raised concerns about the role of Coinbase in Celsius Network’s bankruptcy restructuring plan.
Celsius Network, a crypto firm that filed for bankruptcy over a year ago, is currently seeking approval from the bankruptcy court for its proposed reorganization plan.
Under Celsius Network’s proposed reorganization plan, Coinbase is set to play a pivotal role by providing brokerage and master trading services. However, the SEC has raised objections, citing concerns related to activities that initially triggered litigation by the regulatory body.
The ongoing lawsuit against Coinbase, initiated earlier this year by the SEC, alleges that the cryptocurrency exchange operated an unregistered securities exchange.
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