The federal judge overseeing bankrupt crypto lender Voyager Digital's effort to sell itself to Binance US barked at the U.S. SEC's objection to the deal, saying 'Bankruptcy code doesn't contemplate an endless period of time.' nikhileshde reports
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.The federal judge overseeing bankrupt crypto lender Voyager Digital's effort to sell itself to Binance US had some harsh words for a U.S. Securities and Exchange Commission attorney over the agency's view that there may be violations of federal law.
SEC Senior Trial Attorney William Uptegrove said Friday that SEC staff believed Binance US may be operating an unregistered securities exchange in the U.S., an assertion that Binance US objected to. On Monday, U.S. Bankruptcy Judge Michael Wiles, of New York's Southern District Bankruptcy Court, asked SEC Senior Trial Attorney Therese Scheuer whether Binance US or Voyager could have known about this claim prior to Friday.
Scheuer objected to some of the disclosures made within the proposal, including a lack of clarity around possible regulatory concerns. The judge appeared to take issue with this point. "I have no idea how long I can do nothing and wait until Congress and the competing regulatory authority sort out amongst themselves, just who has what authority over what aspects of this, what kind of authority. I have no idea how long that's going to take and we can't do that in bankruptcy," he said."...
Representatives from the U.S. Trustee's office, the Texas Attorney General's office and the New York Department of Financial Services also weighed in during the hearing.
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