Court filings made by the states of Texas and Vermont have become the latest developments in the Celsius bankruptcy saga. State regulators from both states have filed separate motions, objecting to the defunct crypto lender’s proposed stablecoin sale. Sale Proposal The company had requested the United States Bankruptcy Court for the Southern District of New […]
by the Vermont Department of Financial Regulation states that the relief requested by the Celsius Network is “unclear and creates a risk that debtors will resume activities which violate state law.
Regulators from both states pointed out that Celsius was under investigation by more than 40 state regulators and as such, have requested the bankruptcy court to quash Celsius’ request in the spirit of transparency and in the creditors’ interest.that Celsius had been insolvent since 2019 while leveling accusations of operating like a Ponzi scheme.
Objection by state regulators came just days before the bankruptcy court was set to hear arguments from Celsius’ attorneys in order to accept or decline the sale of stablecoins. The hearing is set for 6 October. The month of September has been eventful for the Celsius Network, and not in a good way. The company has been served to cease and desist orders by multiple states including
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