This past week was a busy one for the Securities and Exchange Commission (SEC). During this time, we saw charges laid, fines issued, and objections filed. Here is a brief look at each.
Acquisition Objection
In response to the recent news of Binance.US acquiring over $1B in assets from Voyager, the SEC has filed what is being referred to as a ‘limited objection’ to the deal.
The purpose of this filing is to hit the ‘pause’ button on the transaction, until the SEC is provided with more details on how exactly it will occur. Notably the SEC is looking for increased clarity on the following points.
- How can/will Binance.US fund the deal?
- How will Binance.US be structured if allowed to be proceed?
- How will assets be secured throughout the process?
- What will happen if the deal is delayed beyond April 18th?
While we do not yet have the answers to these questions, a revised statement addressing each of the listed concerns is expected to be submitted in the coming weeks. This however may not be the end of the SECs curiosity if the pending statement raises further questions. The SEC states,
“The SEC reserves the right to amend this objection after the filing of the amended Disclosure Statement, and further reserves the right to object to confirmation of the Plan on these or any other bases.”
CoinDeal Introduced to Karma
While the SEC continues to look into the aforementioned deal, it also announced this week that it has officially charged a variety of individuals connected…
