Texas authorities oppose Voyager's disclosure statement in its current form
Texas state authorities SSB and DOB argued that Voyager did not explain the methodology used to calculate prices means of parts, among others.< /p>
New
The Texas State Securities Board (SSB) and the Texas Department of Banking (DOB) have raised a court objection to Voyager Digital's disclosure statement, questioning the various methodologies and calculations used to estimate fair value merchant of the crypto-assets of the bankrupt exchange. .
In oral argument filed in the United States Bankruptcy Court for the Southern District of New York, attorneys for the SSB and DOB objected to the order approving the adequacy of Voyager's amended disclosure statement. Voyager Digital filed for Chapter 11 bankruptcy in New York in July 2022, while offering a stimulus package to investors.
Texas state officials argued that Voyager's statement, which said creditors could earn a 70% return, did not explain the methodology used to calculate average coin prices, adding that :
"Debtors (Voyager) have never been licensed by the SSB or DOB and risk very large fines and penalties for operating without a license. FTX is also not allowed to do business in the State of Texas."
The attorneys further pointed out that with the court, crypto exchange FTX is offering a product similar to the “Voyager Earn Program,” a Voyager offering that has been subject to cease and desist orders. abstain from several states of the United States.
By way of resolution, the SSB and the DOB seek the disallowance of Voyager's disclosure statement in its current form. Additionally, it requires Voyager to disclose the methodology and calculations used to determine its fair market value for the recovery of funds.
October 5,
Texas state authorities SSB and DOB argued that Voyager did not explain the methodology used to calculate prices means of parts, among others.< /p>
New
The Texas State Securities Board (SSB) and the Texas Department of Banking (DOB) have raised a court objection to Voyager Digital's disclosure statement, questioning the various methodologies and calculations used to estimate fair value merchant of the crypto-assets of the bankrupt exchange. .
In oral argument filed in the United States Bankruptcy Court for the Southern District of New York, attorneys for the SSB and DOB objected to the order approving the adequacy of Voyager's amended disclosure statement. Voyager Digital filed for Chapter 11 bankruptcy in New York in July 2022, while offering a stimulus package to investors.
Texas state officials argued that Voyager's statement, which said creditors could earn a 70% return, did not explain the methodology used to calculate average coin prices, adding that :
"Debtors (Voyager) have never been licensed by the SSB or DOB and risk very large fines and penalties for operating without a license. FTX is also not allowed to do business in the State of Texas."
The attorneys further pointed out that with the court, crypto exchange FTX is offering a product similar to the “Voyager Earn Program,” a Voyager offering that has been subject to cease and desist orders. abstain from several states of the United States.
By way of resolution, the SSB and the DOB seek the disallowance of Voyager's disclosure statement in its current form. Additionally, it requires Voyager to disclose the methodology and calculations used to determine its fair market value for the recovery of funds.
October 5,
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