Judge Denies CEL Valuation Boost; Evades CEL’s Security Classification in Celsius Saga

In the unfolding saga of the Celsius bankruptcy case, a connection was presented to elevate the defunct crypto enterprise’s autochthonal token, CEL, to a valuation of $0.80 each. Yet, the overseeing U.S. bankruptcy judge, Martin Glenn, dismissed this proposal. Consequently, Celsius’s creditors are rallying to acceptable the token’s worthy astatine a much humble $0.25 apiece.

Judge Denies Several Motions successful Celsius Bankruptcy Case

During the Celsius ineligible proceedings, creditors pushed for CEL’s valuation to bespeak its pre-bankruptcy complaint of $0.80. They contended that CEL’s worthy had been artificially tampered with. Despite their fervent arguments, justice Glenn was unconvinced and shot down the motion, among respective others.

The adjacent section successful this drama? Creditors are present preparing to ballot connected a revised valuation of $0.25 for each CEL. Whether justice Glenn gives this the motion remains a gripping question. As of today, CEL’s marketplace show stands astatine a humble $0.118 per token, experiencing a dip of implicit 3% against the U.S. dollar successful the past time alone.

Its full marketplace headdress hovers astir $50.4 million arsenic of Saturday, August 26, 2023. The past period hasn’t been benignant to CEL either, plummeting 25.9% against the U.S. dollar. This marks a staggering 98.5% autumn from its zenith of $8 per token connected June 04, 2021.

In different intriguing twist, a creditor invoked a recent XRP partial ruling, hoping justice Glenn would “recognize the ineligible precedent” from that case. But successful a accordant fashion, the justice dismissed this question arsenic well, sidestepping the request to classify CEL arsenic an unregistered security.

Glenn stated, “Nothing successful the motions, this order, oregon announced astatine the proceeding constitutes a uncovering nether the national securities laws arsenic to whether crypto tokens oregon transactions involving crypto tokens are securities, and the close of the United States Securities and Exchange Commission and the Committee to situation transactions involving crypto tokens connected immoderate ground is expressly reserved.”

What bash you deliberation astir justice Glenn’s caller decisions successful the Celsius case? Share your thoughts and opinions astir this taxable successful the comments conception below.