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FTX, Celsius Bankruptcies With Billions on Line Push Judges Into Legal Void
- Financial Services
As the cryptocurrency mania raged, Congress took a hands-off approach, keeping the fast-growing industry in legal limbo as it spawned startups and drew billions of dollars from investors. That’s left it to the courts to deal with the wreckage. The bankruptcies of FTX Group, Celsius Network and Genesis Global are promising to turn judges into after-the-fact rulemakers for an anarchic industry whose pioneers saw it as a way to keep money beyond government reach, BNN Bloomberg reported.
Deirdre O’Connor, Managing Director, Corporate Restructuring, Epiq: “There is no question in my mind that the bankruptcy courts will get to the goalposts way before the regulators."
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