It’s not easy to reduce your initial debt of $820million to $0.013 per month. It’s not surprising that Celsius has gone bankrupt after such a daring move. After paying off its last decentralized finance (DeFi), Compound, Aave, and Maker debts, the crypto lending platform filed voluntary petitions for Chapter 11 restructuring.
While Chapter 11 bankruptcy permits a company to remain in business and restructure its obligations and there are many successful examples like American Airlines, Delta and General Motors, as well as Marvel and Hertz, some experts express doubts about Celsius’s chances of staying afloat. Celsius customers and investors may not be able to see their money for the “foreseeable future” similar to what happened with Mt. Gox hack in 2014, still ongoing.
The platform is not being helped by the legal pressure from outside. Vermont is now the sixth American state to issue a warning about Celsius.
In a case against the SEC, one point is enough
After a U.S. judge rejected its attorney-client privilege claims regarding internal documents related the Hinman speech, the United States Securities and Exchange Commission has lost its case against Ripple. U.S. Magistrate Sarah Netburn denied the motion. She said that the speech, in which Bill Hinman suggested Ether (ETH), was not security and was a private matter for Hinman. However, he claimed it should be protected as he had received legal advice from SEC to confirm its policies.
ndorra is now closer to the Digital Assets Act
Andorra is a tiny European country located between Spain and France. The local government recently approved the Digital Assets Act. While cryptocurrencies are not legal tender for Andorra and the Digital Assets Act does not make any proposals regarding means of exchange, the CEO at a local Bitcoin (BTC), business, highlights that Andorra could adopt the Bitcoin standard, mining Bitcoin using renewable energy, making Bitcoin a reserve asset, and welcoming Bitcoin-centric businesses from around the globe.
South Africa is set to make cryptocurrencies a “financial product”.
South Africa’s Reserve Bank will soon introduce regulations that will allow cryptocurrency to be classified and treated as financial assets. This is to ensure investor protection and innovation. The regulation of cryptocurrency has been a hot topic for years. It will allow the sector’s monitoring for money laundering, tax avoidance, and terrorist financing. The Financial Action Task Force (FATF) has established global guidelines.
Eileen Wilson –Technology and Energy
My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.