Voyager Digital Denies SEC’s Allegation about VGX Token as Securities
It is reported that according to the latest court documents submitted by the encryption lender Voyager Digital, Voyager denied the SEC\’s allegation that \”its n…
It is reported that according to the latest court documents submitted by the encryption lender Voyager Digital, Voyager denied the SEC’s allegation that “its native Token VGX belongs to securities”, and said that the delay in the transaction with Binance US due to the event would cause Voyager to lose about US $10 million per month.
Voyager: VGX is not classified as a security, and the delayed transaction with Binance US resulted in a monthly loss of US $10 million
Interpretation of the news:
Voyager Digital, the encryption lender, has recently submitted court documents that deny the allegation made by the Securities and Exchange Commission (SEC) that the native VGX Token belongs to securities. The company stated that the delay in transactions with Binance US due to the event would cause a $10 million loss per month.
Voyager Digital is known for its commission-free trading app, which allows users to trade cryptocurrencies, and buy and sell Equities. VGX Token is the native token of Voyager Digital and is used in the company’s rewards program. The SEC has been taking aggressive action against cryptocurrency firms that fail to comply with securities laws. Earlier this year, it filed a lawsuit against Ripple Labs, alleging that its XRP Token is security.
In its court documents, Voyager Digital claimed that the VGX Token is not a security because it is functional in nature and has a utility outside of its ability to appreciate in value over time. Additionally, Voyager Digital stated that the VGX Token is not an investment contract because there is no reasonable expectation of profit from the efforts of others, which is a necessary condition for an asset to be classified as such.
The delay in the transactions with Binance US has significantly impacted Voyager Digital’s operation, and the company is expected to lose approximately $10 million per month due to the situation. While Voyager Digital has denied the SEC’s allegations, the situation remains uncertain, and the final decision rests with the court.
In conclusion, Voyager Digital’s denial of SEC’s allegations that the VGX Token belongs to securities shows the ongoing tensions between regulatory authorities and cryptocurrency companies. The court’s final decision is of great importance for Voyager Digital and other companies seeking to define the legal status of cryptocurrencies. The impact of the SEC’s actions on cryptocurrency trading and investment can potentially expand in the future.
Keywords:
Voyager Digital has recently submitted court documents that deny the SEC’s allegations regarding the VGX Token as securities. The delay in transactions with Binance US due to the event may cause a loss of $10 million per month. The VGX Token is said to have functional utility and no expectation of profit from the efforts of others. The ongoing conflict between regulatory authorities and cryptocurrency companies highlights the potential impact of SEC’s actions on cryptocurrency trading and investment in the future.
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