US Officials Seek to Challenge Voyager Digital’s Plan to Sell Digital Assets to Binance.US
On March 15th, US officials wanted to remove a clause contained in Voyager Digital\’s plan to sell its digital assets to Binance.US, which would prevent them fro
On March 15th, US officials wanted to remove a clause contained in Voyager Digital’s plan to sell its digital assets to Binance.US, which would prevent them from legally pursuing anyone involved in the sale. In a motion filed in the New York Bankruptcy Court on March 14th, the United States trustee, William Harrington, and other government lawyers argued that the court improperly exceeded its statutory powers in approving a pardon. They asked the court to defer approval of the sale for two weeks in order for them to file an appeal.
US officials want to remove the exemption clause protecting their executives from the proposed sale of Voyager assets
Analysis based on this information:
On March 15th, US officials requested the removal of a clause contained in Voyager Digital’s plan to sell its digital assets to Binance.US, which would prevent them from legally pursuing anyone involved in the sale. Voyager Digital is a Canadian cryptocurrency brokerage and digital asset trading platform. Binance.US is a US-based digital asset exchange. The clause in question is known as a “non-debtor release” clause, which releases third parties from any liability related to the sale of the debtor’s assets.
The request was made through a motion filed in the New York Bankruptcy Court on March 14th by the United States trustee, William Harrington, and other government lawyers. They argued that the court improperly exceeded its statutory powers in approving the pardon. The request also asked the court to delay the approval of the sale for two weeks for them to file an appeal.
The reason behind this request is to allow the US officials to legally pursue anyone who might have been involved in the sale of Voyager Digital’s digital assets. This is because the non-debtor release clause would effectively release any third parties, including Binance.US, from any legal repercussions. The US officials are concerned that this could hinder any attempts to investigate or prosecute individuals who may have participated in illegal activities or fraud related to the sale.
It is important to note that Voyager Digital had previously filed for bankruptcy in the US Bankruptcy Court for the Southern District of New York. The proposed sale of its digital assets was part of the bankruptcy proceedings. However, the presence of the non-debtor release clause raised concerns among the US officials, prompting them to file the motion requesting its removal.
In conclusion, the US officials’ request to remove the non-debtor release clause in Voyager Digital’s plan to sell its digital assets to Binance.US is a necessary step to ensure that any illegal activities related to the sale can be legally pursued. It also highlights the importance of transparency and accountability in the cryptocurrency market.
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