Celsius’ Path to Recovery Hindered by SEC Challenges: Report
A news report has revealed that Celsius Network, an up-and-coming cryptocurrency firm, is facing several legal challenges from the U.S. Securities and Exchange Commission (SEC). The challenges come despite Celsius Network's efforts to comply with the SEC's regulations for token sales and its attempts to become a registered security token offering in the US. The report claims that the SEC has rejected the company's multiple filings for registration as a security token offering, citing inadequate documentation. The SEC also indicated that the company's business and operational plans are insufficient and have not been adequately addressed by the company's directors. The report also claims that the SEC is now asking for further information from the company and that the extent of its inquiries could delay the company's offering. These delays, coupled with existing market volatility and the ongoing battle between crypto and traditional asset classes, could easily lead to further difficulties for the blockchain-based financial firm. Nonetheless, Celsius Network is optimistic and continues to work with the SEC to ensure compliance and ultimately have its offering approved. The company views this as an opportunity to showcase its commitment to regulatory compliance and customers' protection.