Hey Peeps!
On March 14th, Bloomberg News released a report that states U.S. regulators and government officials are attempting to block the sale of Voyager to Binance in the final hour.
The deal between Binance and Voyager has been hotly contested, as both the FTC and SEC filed objections against the purchase agreement, and Binance even considered pulling out of the deal at one point.
These objections were soundly shot down by presiding Judge Michael Wiles of U.S. Bankruptcy Court, who then officially approved the purchase Binance-Voyager agreement on March 7th.
Now, the powers that be are trying their best to overturn the decision made by Judge Michael Wiles, or at the very least strip the deal of some legal protections.
The main issue that regulators and government officials have with this deal is the legal clauses that would prevent criminal charges against anyone involved in the Voyager bankruptcy.
It also appears that the regulators concerns are being considered as Judge Michael Wiles agreed to a special hearing to decide whether "to block the plan’s exculpation provisions".
These "exculpation provisions" protect individuals from being held criminally liable for taking part in the court-approved plan, and are supposedly routine in all bankruptcy cases.
As much as I want these horrible CEO's and corporate officials to be held responsible for their reckless actions and inability to keep customer funds safe, I am hesitant to be supportive of treating crypto companies any differently than a normal company going through the same process.
If these "exculpation provisions" are routine in bankruptcy cases, it does beg the question as to why would the regulators be treating these companies differently.
Because of this, it does open up the narrative for people to suggest these regulatory actions are due to the nature of the company's business, which is cryptocurrency.
I think if the provisions are stripped from this deal, you will see a lot of people on Twitter clamoring about unfair treatment and targeting by the regulatory agencies.
I am honestly not sure where I stand on this issue yet, as I think there is a lot of reckless and criminal activity in the cryptocurrency industry that needs to be dealt with, but I also think if you start to treat one industry differently then you create a different set of rules for different people and it should be fair.
What are your thoughts on this news?
Do you think the deal will go through without the exculpation provisions? Do you care?
Would you welcome criminal and legal actions against Voyager and the corporate officials?
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