Fahrenheit's proposal to restructure the bankrupt cryptocurrency lender Celsius has been stalled by the U.S. Securities and Exchange Commission's (SEC) request for additional information, highlighting the ongoing regulatory challenges in the cryptocurrency industry. Fahrenheit, an investment consortium that includes Arrington Capital, U.S. Bitcoin Corp., and Proof Group, had won a bid to revive Celsius. Despite receiving approval from a bankruptcy court, the plan is now on hold due to the SEC's inquiries.
The SEC is seeking more details about Celsius's assets, which has slowed the process. Fahrenheit's original strategy involved distributing approximately $2 billion in Bitcoin (BTC) and Ethereum (ETH) to Celsius's creditors and establishing a new company. This new entity was intended to manage Celsius's Bitcoin mining operations,
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First found on: Fahrenheit's Plan to Revive Bankrupt Crypto Lender Celsius Halted by SEC's
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