Texas and Vermont Regulators Object to Celsius' Stablecoin Sale Plan
Texas and Vermont Regulators Challenge Celsius' Stablecoin Sale Plan
State regulators from Texas and Vermont have filed separate motions opposing Celsius' plan to sell its stablecoin holdings. The motions, submitted on September 29, argue that the crypto lender might use the proceeds to resume operations in violation of state laws.
Key Concerns and Implications
The regulators expressed concerns that Celsius could potentially misuse the capital generated from the stablecoin sale to continue operating illegally. This action highlights the ongoing regulatory scrutiny surrounding Celsius as it navigates its financial and legal challenges. The move by Texas and Vermont underscores the increasing regulatory attention on crypto firms, particularly regarding compliance with state laws and consumer protection.
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