• Fri. May 24th, 2024
  • Judge Orders Binance.US to Buy Voyager for $1 Billion
  • Regulatory Certainty in the Robust Cryptosphere

Arguments made by the US government opposing the proposed partnership involving Binance and Voyager. The US compelled a federal judge to temporarily halt the deal so that the appeals could be explored.

A federal judge granted the US government’s plea for an urgent stay, temporarily blocking the $1 billion sale of Voyager Digital to Binance US by a US District Court based in New York by Judge Jennifer Rearden, chosen on March 27th.

The intended merger involving Binance and Voyager has been halted due to the stay. The US must wait until the Department of Justice’s (DOJ’s) petition against the insolvency plan is resolved.

The urgent petition seeking a stay which the DOJ filed on March 17th, was contested on March 20th by the Official Committee of Unsecured Creditors (UCC), often referred to as the “watchdog,” and Voyager Digital. On March 21st, the DOJ made the closing response motion.

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After considering the written arguments from all participants, seminars, and oral contentions, Judge Rearden has approved the DOJ’s emergency motion. Rearden will give a more thorough justification for the choice.

On July 5th, Voyager Digital filed for insolvency as per Chapter 11 and has begun working diligently on a strategy to disperse tokens. On March 7th, Michael Wiles authorized the purchase of Voyager by Binance.US, which includes issuing insolvency tokens to affected Voyager clients.

Despite Wiles’ March 7th authorization of the purchase of Binance.US, American officials have made repeated attempts to block the transaction. Judge Wiles rejected the US Securities and Exchange Commission’s (SEC’s) March 15th petition argument that Voyager’s insolvency plan might result in theft, tax evasion, and fraud.

According to Voyager’s UCC, they will keep fighting the government’s initiatives. According to a poll published in a court filing on February 28th and included 61,300 Voyager wallet owners, more than 97% of them support the reorganization scheme. The strategy is anticipated to cover 73% of the debt due to Voyager clients.

Regulatory Certainty in the Robust Cryptosphere

In a recent interview on March 22nd with CNBC, one of Ethereum’s founders, Joseph Lubin, talked about the present situation of the crypto ecosphere, regulations, and the overall position of Ethereum (ETH) as a security.

Even though a few crypto companies have experienced inevitable financial setbacks and banking difficulties, Lubin claimed that the cryptocurrency ecosphere’s strength has never been better or stronger. He underlined how large conferences were getting in places like Denver, Los Angeles, and Paris.

In contrast to speculators, builders who enter the crypto ecosystem typically stay and create an independent economy, according to Lubin. He thinks the ecosphere’s developing component is better now than previously.

Lubin commented on Bitcoin’s and ETH’s rising costs and attributed it to the reliability of both currencies. He says the Ethereum ecosphere has never been better due to accelerated development, utility instances, scalability, and accessibility.

Additionally, Lubin noted that since cryptocurrencies act as a hedge for protecting investors from inflation, the Federal Reserve’s relative likelihood of raising interest rates has contributed to an increase in their price.

Lubin thinks the industry would benefit from more precise and explicit regulation of cryptocurrencies. He claimed that the business has suffered by combining two significant groups into a single entity—the money cryptocurrency faction and the technology cryptocurrency faction that develops decentralized protocols and infrastructure.

Gary Gensler, the chairman of the SEC, claimed that all cryptocurrency tokens, including Bitcoin, constitute securities. Joseph Lubin contested this claim.

Gensler states this is the case since there is a middle group, and the general public expects profits centered on the middle group. According to Lubin, the fact that people purchase oil barrels to make a profit should not be enough to exclude a token from being considered a security.

Megan Ford

Megan Ford

Megan Ford is an accomplished news writer with a talent for capturing the essence of a story. With a keen eye for detail and a dedication to accuracy, her articles provide readers with a captivating and well-rounded perspective on current events.

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