Saturday, December 3, 2022
HomeLaw & PoliticsTexas officials oppose to Voyager's current disclosure statement

Texas officials oppose to Voyager’s current disclosure statement

The Texas State Securities Board (SSB) and the Texas Department of Banking (DOB) both filed an objection in court against the disclosure statement filed by Voyager Digital. The objection calls into question the various methodologies and calculations that were used to estimate the fair market value of the cryptocurrency assets held by the defunct exchange.

The counsel for the SSB and DOB filed an objection with the United States Bankruptcy Court for the Southern District of New York regarding the decision recognising the sufficiency of Voyager’s modified disclosure statement. The objection was made in a complaint that was submitted to the court. In July 2022, Voyager Digital presented a recovery plan to its investors while simultaneously filing for bankruptcy under Chapter 11 in the state of New York.

Voyager’s disclosure statement, which said that creditors may earn a 70% return, was challenged by the authorities of the state of Texas on the grounds that it failed to clarify the mechanism that was used to generate the average coin values.

The council also brought to the court’s attention the fact that the cryptocurrency exchange FTX provides a product that is comparable to the “Voyager Earn Program,” which is a Voyager service that has been the target of orders to stop and desist from a number of states in the United States.

The SSB and the DOB are working on a settlement in which they request that Voyager’s disclosure statement in its present form be denied. In addition to this, it requires that Voyager provide the methodology and calculations that were used to calculate the fair market value of its assets for the purpose of fund recovery.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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