3 years ago
180
A bankruptcy judge reviewing Binance.USβs Voyager buyout deal is doubting SECβs objection and asking for specifics on the regulatorβs decision.
During the March 2 hearing, U.S. Bankruptcy Judge Michael Wiles said, βIf there are reasons to be concerned here, I need to hear specifics,β commenting on SECβs objection to the Binance-Voyager deal filed on February 22.
Related: SEC objects to Binance.USβs Voyager deal
On December 19, a restructuring plan was presented to the court to bring Voyager out of Chapter 11 bankruptcy. As per the plan, crypto exchange Binance.US would acquire Voyagerβs assets for $1.02 billion. Voyager stated that this option was the most favorable bid for its assets. The court deliberated on the proposed plan.
Related: Binance.US Bounty
As Reuters reported, when asked whether the sale of Voyager violated the securities laws, SEC attorney William Uptegrove, who was present at the March 2 hearing, didnβt give a clear answer:
We canβt take a position at this point. The SEC is a deliberative body, and itβs process is a nonpublic one by federal law.
Judge Wiles hit back:
Deliberative is one thing, but what have you done? If there are reasons to be concerned here, I need to hear specifics.
Judge Wiles slamming the SEC rep about their objection.
Says, (paraphrase) "You're asking the debtor to prove that the cryptos being transacted are not securities, but you've given no regulatory guide as to what that is."
(@VGX_Heroes) March 2, 2023Based on current crypto prices, Voyagerβs sale is valued at $1.3 billion. Still, even if Wiles confirms the plan, the sale cannot be completed without final approval from the SEC and the Committee on Foreign Investment in the United States (CFIUS). However, the deal has raised doubts with CFIUS as well. The committee did not formally object to the Binance sale, but warned that its ongoing review of national security concerns could block the deal.
On March 3, Judge Wiles will hear further arguments on the bankruptcy plan.
English (US) ·