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Bankruptcy Hearing for Voyager Enters Third Day, with SEC Regulating Sales Plan with Objections

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On March 7, the hearing on the bankruptcy of Voyager on Monday entered its third day. Although the first two days of the hearing focused on the questions about…

Bankruptcy Hearing for Voyager Enters Third Day, with SEC Regulating Sales Plan with Objections

On March 7, the hearing on the bankruptcy of Voyager on Monday entered its third day. Although the first two days of the hearing focused on the questions about Voyager, Binance US and other relevant persons involved in the proposed transaction, the third day focused more on the objections to the sale plan of Voyager itself. Michael Wiles, the U.S. bankruptcy judge of the Southern District Bankruptcy Court of New York, said that both parties tried to give the SEC regulatory freedom “within a reasonable range”, but bankruptcy itself was more urgent. Therese Scheuer, a senior attorney at the SEC, opposed some of the disclosures in the proposal, but the judge seemed to disagree with this point.

Bankruptcy judge: The bankruptcy reorganization of Voyager cannot be delayed due to the unclear power struggle between regulators

Interpretation of the news:

The hearing on the bankruptcy of Voyager on Monday had entered its third day, wherein both parties discussed SEC regulatory freedom within a reasonable range, and objections to the sale plan itself. The hearing initially focused on questions about Voyager, Binance US, and other relevant persons involved in the proposed transaction, while the third day focused more on the objections to the sales plan of Voyager itself.

The U.S. bankruptcy judge of the Southern District Bankruptcy Court of New York, Michael Wiles, stated that both parties were trying to give the SEC regulatory freedom within a reasonable range, but bankruptcy urgency drastically contradicted regulatory concerns. This suggests that the parties involved were trying to balance SEC regulatory compliance with the urgent need to reorganize Voyager in the wake of bankruptcy.

However, not all objections raised by the senior attorney of the SEC, Therese Scheuer were well-received, as the judge appeared to disagree with some of the disclosures made in the proposal. This indicates that despite the regulatory concerns, the court is aware of the urgency of the situation and is willing to prioritize creditors’ interests over the SEC’s concerns.

Overall, the hearing brings to light the challenges of balancing regulatory compliance while restructuring a bankrupt company. The urgency of the situation may seem to compromise the regulatory compliance required for protecting the interests of all parties involved. Nevertheless, the proceedings of the hearing should ensure that appropriate measures are put in place to make sure that the interests of all parties concerned are adequately safeguarded.

In conclusion, the bankruptcy hearing of Voyager shows that balancing SEC regulatory compliance and bankruptcy urgency is a significant challenge for all parties involved. It is crucial to ensure that appropriate measures are taken to protect the interests of all parties concerned while prioritizing the reorganization of the bankrupt company.

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