Senior American officials expect to delete a clause in the plan of the bankrupt lender Voyager Digital to sell its data assets to Binance.US, a password trading center, which will prevent them from legally verifying everyone involved in the sale.
In a resolution submitted to a bankruptcy court in New York City on March 14, the US principal, Sperry Harrington, and other government experts fabricated lies that the court granted forgiveness "improperly far beyond its regulatory authority".
They ordered the court to postpone approval of the transaction for two weeks so that they could appeal.
According to a document submitted on February 28th, the provision, which guaranteed that participants in the market were not personally responsible for their execution, was granted by the court on March 7, after the court found that 97 per cent of Voyager customers supported the scheme.
Although senior US officials did not boycott the rest of the proposed sale plan, in their view, the provision would prevent government departments from "exercising their police supervisory power".
On March 6th, the Securities and Exchange Commission also resisted the plan, especially the "very" and "highly inappropriate" exemption clauses, believing that the dynamic password for loan repayment would constitute an unregistered stock offering, and that Binance.US already runs an unregulated stock exchange.
Related to:The ongoing court legends of Binance.US, Alameda, Voyager Digital and SEC-
The hearing system on this issue is scheduled to be held in the eastern United States at 2 p.m. on March 15.
According to the current possibility, the plan is expected to cause travelers and debtors to recover about 73% of the use value of the funds.
Binance-Voyager deal to proceed without holdings, NY judge rules
According to Judge Michael Wiles, any protractions with the deal will harm the interests of Voyager’s former clients, who are waiting for the return of their funds.
CFTC adds execs from Circle, Ava Labs and Fireblocks to tech advisory group
The technology advisory committee aims to assist the CFTC in “identifying and understanding the impacts and implications of technological innovation in financial services and markets.”
US officials appeal protections for Voyager execs in Binance.US sale
The DOJ disagrees with the legal protections given to those involved in the Voyager sale to Binance.US, saying the court “improperly” exceeded its authority.
Silvergate and SVB bite the dust: Law Decoded, March 6–13.
Elizabeth Warren and Sherrod Brown didn’t miss a chance to attack the crypto industry after bank failures.