• The value of Voyager’s native token VGX rose 11.51% in the last 24 hours, according to CryptoSlate’s data.
• Voyager countered the US Securities and Exchange Commission’s (SEC) claim that VGX was security in a March 5 court filing.
• Voyager said the SEC’s objection to Binance.US’s purchase of its assets was causing delays that were costing it as much as $10 million monthly.
Voyager Token Rises 11%
The value of Voyager’s native token VGX rose 11.51% in the last 24 hours, according to CryptoSlate’s data, reaching a high of $0.42299 at its peak.
SEC Claim That VGX is Security
The US Securities and Exchange Commission (SEC) claimed that VGX was a security but Voyager countered this claim in a March 5 court filing with help from legal opinion from a nationally recognized law firm.
Costing Voyager $10 Million Monthly
Voyager said the SEC’s objection to Binance.US’s purchase of its assets was causing delays that were costing it as much as $10 million monthly. Creditors had previously voted overwhelmingly in favor of Binance’s acquisition of the lender’s assets however it is now hanging by a thread due to Binance CEO Changpeng Zhao tweeting about potentially pulling out of the purchase on Mar 3rd 2021, although he later clarified his company remains committed to completing the deal and refunding users.
Tweaks To Original Proposal
Voyager is proposing some minor tweaks to the original proposal but Mark Renzi noted that these changes are too slight to require creditors voting again on the deal.
Conclusion
In conclusion, despite there being uncertainty around Binance acquiring Voyagers assets due to SEC objections, VYGER still saw an increase in its token value rising 11%, showing confidence in their ability to successfully counter claims against their asset being classified as securities
