Celsius, a bankrupt crypto lender’s case, has been ongoing in the US Bankruptcy Court for the Southern District of New York. Following Ripple’s partia
and stated that nothing in the Motions or announced at the Hearing constitutes a finding under the federal securities laws as to whether crypto tokens or transactions involving crypto tokens are securities.tokens on any basis. Investor Davis was turned down and CEL’s status as a security or non-security hangs in the balance until the next hearing.have negatively influenced the token’s price. CEL is trading at $0.123, down from its June peak of $0.382.
Celsius token investors planned to create a new separate committee of CEL token holders in the bankruptcy proceedings to better cater to their interests and their fund recovery. However, this plan was turned down by presiding Judge Martin Glenn, after he failed to recognize the legal precedent set in the Ripple/The motion was rejected and Celsius token holders’ demands remained unmet, as court proceedings continued.
Former CEO Alex Mashinsky has been accused of holding, selling the CEL token for expectation of profits. Amidst these updates, the court has refused to comment on security status of the token, adding further downside to CEL price and its community of holders.What is Bitcoin? Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens.
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