The bankrupt crypto lender Celsius can convert its altcoins into BTC and ETH from July 1, following SEC talks. The sales precede payee distributions in only the two most popular cryptocurrencies.
Sales and conversion approval output for Celsius!
The bankrupt crypto lender is preparing a distribution to creditors that will only take place with the two most widely used cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). In this environment, Celsius was given permission to begin liquidating its altcoins on Friday. Bankruptcy Judge Martin Glenn of the Southern District of New York approved the move proposed by Celsius after discussions with the Securities and Exchange Commission (SEC), which he said recently said a number of less-used crypto tokens constitute securities whose use requires regulatory approval. In other words, the sale of tokens that the SEC says are securities has been approved.
According to Glenn’s decision, Celsius is able to sell non-BTC and non-ETH cryptocurrencies, crypto tokens, or other crypto assets other than such tokens associated with Withhold or Custody accounts, starting on or after July 1, 2023. Or Celsius’ other option is to convert these tokens to BTC or ETH.
The filing added that the company is “in regular dialogue with the Securities and Exchange Commission and certain state regulatory agencies regarding the proposed cryptocurrency distribution under the Plan to ensure that all such distributions are in full compliance with applicable federal and state laws and regulations.”
Which altcoins are held by the crypto lender there is
cryptocoin.comAs you follow, Celsius went bankrupt in July 2022. In the process, the crypto consortium received approval in May for its sale to Fahrenheit. Celsius says it is preparing an updated bankruptcy plan that will not include distribution of cryptocurrencies to creditors other than BTC or ETH, with limited exceptions.
The tokens for the altcoin projects Celsius currently hold are as follows: Celsius (CEL): 60,348,000. Polygon (MATIC): 91,630,000. Chainlink (LINK): 103,065,000. Polkadot (DOT): 1,832,000. Litecoin (LTC): 197,000. Aave (AAVE): 106,000. Bitcoin Cash (BCH): 53,000. FTT: 439,000. Uniswap (UNI): 864,000. Solana (LEFT): 145,000. Stellar (XLM): 47,851,000. Binance Coin (BNB9: 19,000. Eos (EOS): 3,119,000. Serum (SRM): 5,567,000.
The SEC has recently taken action against major crypto exchanges such as Coinbase, Binance, and Bittrex. He said that in this move, tokens linked to Polygon (MATIC), Near (NEAR) and Cardano (ADA) fall within the scope of securities regulation. Recent plans to liquidate the bankrupt crypto lender Voyager have been thwarted by the SEC’s claims that the VGX token could form a security. The resulting delays meant the withdrawal of Binance.US, which had offered to buy Voyager’s assets.
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