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What have you done? US judge criticizes SEC over Binance-Voyager deal
US Bankruptcy Judge Michael Wiles made the comments at a court hearing in New York on March 2nd. Voyager Digital's restructuring plan would involve selling just over $1 billion worth of assets to Binance.US. However, the SEC has opposed the transaction, claiming it violates securities laws. When asked about the reasons for the opposition, SEC attorney William Uptegrove was unable to give a clear answer, according to Reuters. In his typically vague approach, the SEC attorney said, "We cannot take a position at this time," before adding, "The SEC is an advisory body and its process is governed by...
What have you done? US judge criticizes SEC over Binance-Voyager deal
US Bankruptcy Judge Michael Wiles made the comments at a court hearing in New York on March 2nd.
Voyager Digital's restructuring plan would involve selling just over $1 billion worth of assets to Binance.US. However, the SEC has opposed the transaction, claiming it violates securities laws.
When asked about the reasons for the opposition, SEC attorney William Uptegrove was unable to give a clear answer, according to Reuters.
In his typically vague approach, the SEC attorney said, "We cannot take a position at this time," before adding, "The SEC is an advisory body and its proceedings are not public under federal law."
Judge Wiles wasn't too impressed with this answer:
"Considering is one thing, but what have you done? If there is reason to be concerned here, I need to know the details."
SEC Crypto Warpath continues
The SEC has ramped up its war on crypto this year and appears to be “carpet bombing” the entire industry. Gary Gensler and his team believe that every crypto asset other than Bitcoin is a security.
In this particular case, the regulator claims that Voyager's VGX sale violated securities laws, but has yet to provide details.
If the Voyager Binance deal is approved by Judge Wiles, the asset sale cannot be completed until final approval from the SEC and the Committee on Foreign Investment in the United States (CFIUS), both of which oppose it.
Addressing the SEC's attorney, Judge Wiles continued, "You come here and tell me... to stop everyone because you might have a problem," adding, "It's a strange objection."
“I feel like this objection was put forward as a kind of cover so that you can later say that we will see that we have addressed these issues.”
Voyager customers in favor
According to Voyager attorney Christine Okike, it is estimated that the sale will allow customers to recover approximately 73% of the value of their deposits at the time of the crypto lender's bankruptcy filing.
A recent survey of Voyager account holders with claims found that 97% of them supported the restructuring deal.
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