There is a growing trend of bankruptcy courts approving structured dismissals of chapter 11 cases following a successful sale of a debtor’s assets under section 363 of the Bankruptcy Code. A structured dismissal is a...more
When it rains, it pours. On January 23, 2023, the New York Department of Financial Services announced that it had issued certain Guidance on Custodial Structures for Customer Protection in the Event of Insolvency in which it...more
3/1/2023
/ Crypto Exchanges ,
Cryptoassets ,
Custody Rule ,
Investment ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
NYDFS ,
Private Equity Funds ,
Proposed Amendments ,
Rulemaking Process ,
Securities and Exchange Commission (SEC)
Demand for virtual currency services, including custody services, has soared in the past several years. Like their counterparts in traditional finance, these custodians are stewards of retail and institutional customer funds...more
On July 5, 2022, cryptocurrency brokerage Voyager Digital filed for chapter 11 in the Southern District of New York Bankruptcy Court, citing a short-term “run on the bank” due to the “crypto winter” in the cryptocurrency...more
7/18/2022
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Commercial Bankruptcy ,
Cryptoassets ,
Cryptocurrency ,
Financial Services Industry ,
Liquidation ,
Proposed Amendments ,
Reorganizations ,
Uniform Commercial Code (UCC)