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U.S. Judge Rules in Favor of Voyager Advisors, Restricts SEC's Actions in Bankruptcy Token Case
The Securities and Exchange Commission (SEC) is closely monitoring the restructuring plan of Voyager Digital Ltd., a trading platform that filed for bankruptcy on July 5th, 2022, with the aim of returning value to its 100,000 customers.
The SEC raised objections to the company's planned plan on February 22 due to concerns that key components of the restructuring plan could violate securities regulations, including the $1.02 billion sale of the company's assets to Binance.US.
Bankruptcy Judge Michael Wiles clarified on March 6th that the SEC cannot fine executives involved in Voyager Digital if the company issues bankruptcy tokens to repay affected customers.
However, the SEC will still be regulating and monitoring the transactions related to the redistribution of funds to ensure compliance with relevant laws and regulations.
In a supplemental objection statement, the SEC also objected to legal protection that would prevent any U.S. agency, including the SEC, from bringing claims against anyone involved in the restructuring transactions...Read More