US Officials Take Issue with Voyager Digital’s Asset Sale to Binance.US

03/15/2023 06:57 • Daily Digest • 62 views

On March 15th, US officials wanted to remove a clause contained in Voyager Digital’s plan to sell its digital assets to Binance.US, which would prevent them from legally pursuing anyone involved in the sale. In a motion filed in the New York Bankruptcy Court on March 14th, the United States trustee, William Harrington, and other government lawyers argued that the court improperly exceeded its statutory powers in approving a pardon. They asked the court to defer approval of the sale for two weeks in order for them to file an appeal.

US officials want to remove the exemption clause protecting their executives from the proposed sale of Voyager assets

Analysis based on this information:

US officials have filed a motion asking a New York Bankruptcy Court to defer approval of Voyager Digital’s plan to sell its digital assets to Binance.US. In a bid to remove a clause that would prevent the US officials from pursuing anyone involved in the sale, William Harrington and other government lawyers expressed that the court had wrongly granted the pardon. They argued that the court had exceeded its statutory powers by approving the clause. As a result, they requested a two-week delay to file an appeal.

The proposed sale of Voyager Digital’s digital assets to Binance.US has been fraught with legal issues from the beginning. The intention of the US officials to remove the clause is indicative of their aim to have a level playing field for all parties involved in the sale of the digital assets. Meanwhile, Voyager Digital is keen on completing the sale, having filed for Chapter 11 bankruptcy last year when it became apparent that it could not keep up with its obligations.

While it is not clear if the US officials will be successful in their appeal, their actions send a message that they are prepared to take legal measures to ensure that the sale of digital assets is done legally and transparently. The fact that they are contesting the inclusion of a clause that would have provided a legal escape route for anyone involved in the sale shows how committed they are to their cause.

As the world grapples with the challenges of digital currencies such as cryptocurrency, governments, and regulators worldwide have been working to streamline their operations to conform to existing regulatory frameworks. The sale of digital assets is not exempt from these regulatory frameworks, and parties interested in participating in the sale must be prepared to comply with established regulations.

In conclusion, the US officials’ actions are a pointer to the importance of transparency and adherence to established regulatory frameworks in the sale of digital assets. While the sale of digital assets continues to grow in popularity, regulatory bodies must be vigilant to ensure that the transactions are done legally and transparently.

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