The U.S. Securities and Exchange Commission’s request for more information has paused Fahrenheit’s plan to revive bankrupt crypto lender Celsius, highlighting the ongoing regulatory challenges in the crypto sector.
Fahrenheit, an investment group, had a plan to create a new crypto business from what’s left of bankrupt crypto lender Celsius, however, the U.S. Securities and Exchange Commission (SEC) is now asking for more details, causing a delay.
Fahrenheit, which includes groups like Arrington Capital, U.S. Bitcoin Corp. and Proof Group, won a competition to rebuild Celsius. The company got the go-ahead from a bankruptcy court, but now the restructure has become inert due to SEC’s questioning.
The SEC has requested more information on Celsius’s assets, thus slowing down the process.
Fahrenheit’s initial plan was to disperse around $2 billion in Bitcoin (BTC) and Ethereum (ETH) to the individuals Celsius owed money to, and also share in a new company. This new company would assist with running Celsius’s Bitcoin mining, investing in Ethereum, selling off underperforming assets and starting new projects.
For now, the initiative is paused due to further SEC information gathering. If Fahrenheit can’t move forward, the contingency plan is to sell off Celsius’s assets.
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