.CelsiusNetwork can start converting altcoins starting tomorrow, as the bankrupt crypto lender prepares for a BTC and ETH-based creditor distribution, a New York judge said. jackschickler reports
of the Southern District of New York approved the move, proposed by Celsius after discussions with the Securities and Exchange Commission , which has lately said a range of less-used crypto tokens constitute securities whose handling needs regulatory approval.
Celsius “may sell or convert any non-BTC and non-ETH cryptocurrency, crypto tokens, or other cryptocurrency assets other than such tokens that are associated with Withhold or Custody accounts … to BTC or ETH commencing on or after July 1, 2023,” Glenn’s ruling said. The company has “been in regular dialogue with the Securities and Exchange Commission and certain state regulatory agencies regarding the proposed distribution of cryptocurrency under the Plan to ensure that all such distributions are in full compliance with applicable federal and state laws and regulations,” the filing added.
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