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Texas Objects to Celsius Plan to Fund Operations With Stablecoin Sales
Celsius had asked for permission to sell millions in stablecoins to fund itself, but Texas is arguing the bankruptcy court should reject the request.
Updated May 11, 2023, 4:49 p.m. Published Sep 29, 2022, 6:20 p.m.
Texas state agencies are raising an objection to a plan by bankrupt crypto lender Celsius Network to sell off its stablecoin holdings to pay for ongoing operations, according to a new court filing.
The state recorded its objection in bankruptcy court on Thursday, arguing that Celsius is asking for “troublingly broad permission to sell assets insufficiently defined for purposes that are also insufficiently defined.”
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Celsius filed for bankruptcy in July, and the case is now moving through the U.S. Bankruptcy Court for the Southern District of New York. The latest filing from the Texas State Securities Board and the Texas Department of Banking also points out that Celsius’ past activities are currently being investigated by more than 40 states’ regulators and the company is under orders to cease all investing activity.
The potential sale of stablecoins is scheduled for a hearing on Oct. 6 in New York.
The company – whose CEO, Alex Mashinksy, resigned this week – “currently owns [11] different forms of stablecoin totaling approximately $23 million,” according to its Sept. 15 request.
Also on Thursday, the U.S. Trustee in the bankruptcy case appointed an independent examiner to investigate Celsius’ financial management that led the firm to file for bankruptcy. That examiner is Shoba Pillay, a partner at law firm Jenner and Block in Chicago where she’s co-chair of the firm’s data privacy and cybersecurity practice.
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