Web3 Diaries-Gemini: Genesis Bankruptcy Plan ‘Woefully Light on Specifics’
Joining two other creditors, leading crypto exchange Gemini has objected to Genesis’ proposed bankruptcy resolution plan.
As per Gemini’s attorney argued that the Genesis’ proposed bankruptcy resolution plan doesn’t have enough detail or provide any assurances for some if its largest debtors.
The new filing on Wednesday revealed that a set of ad hoc creditors, the Fair Deal Group, also filed an objection to the proposed plan on similar grounds.
It said, the proposed agreement would fail to secure all of the debts Genesis is owed and that Genesis has not demonstrated it would be able to “confirm a viable plan.”
Uniswap Lawsuit Judge Calls Ether A Commodity In Dismissal Order
In dismissing a class-action lawsuit against the decentralized exchange Uniswap, a United States District Court judge referred to Ether as a commodity.
Judge Katherine Polk Failla stated in a dismissing ruling dated August 30 that ETH and Bitcoin were “crypto commodities” in reference to a lawsuit filed by Uniswap customers who claimed they lost money as a result of fraudulent tokens on the exchange.
The difference was also a factor in Failla’s decision to reject the case; she claimed that the Exchange Act’s justification for Uniswap’s token sales was unpersuasive.
Failla is, interestingly enough, the same judge who is presiding over the SEC case against Coinbase.
Grayscale’s Victory May Render Alameda’s Redemptions Lawsuit Unnecessary
The recent ruling against the U.S. Securities and Exchange Commission (SEC) in Grayscale case will have a knock-on effect as it potentially renders a lawsuit brought by FTX affiliate Alameda Research, meaningless.
Alameda had requested the Grayscale Bitcoin Trust to reduce its fees and implement a redemption program.
Grayscale’s victory over the SEC could pave the way for the company to convert it into the first U.S. spot bitcoin ETF – a shift that would permit redemptions of fund shares, making Alameda’s suit unnecessary, litigation analysts from Bloomberg Intelligence said in a note on Wednesday.
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