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 <h2 id="b-push-for-distinct-representation-b"><b>Push for Distinct Representation</b></h2> 
 <p><span style="font-weight: 400">In July, Otis Davis, an investor, approached the United States Bankruptcy Court, Southern District of New York, advocating for a distinctive legal class for Celsius Network’s investors. This move aimed to differentiate them from the company’s employees and customer base.</span></p>  
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  <p lang="en" dir="ltr">📢 In a setback for stake<a rel="noopener noreferrer nofollow" title="holders" href="https://thebittimes.com/tag/holders.html">holders</a>, a judge has denied their request for representation in the Celsius bankruptcy case. Despite recent rulings in the SEC vs Ripple case, the judge also declined to declare <a rel="noopener noreferrer nofollow" title="CEL" href="https://thebittimes.com/tag/cel.html">CEL</a> token as "not a security." #Celsius #Bankruptcy #SECvsRipple</p> 
  <p>— Block Savvy (@Block_Savvy) August 25, 2023</p> 
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 <p></p>  
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 </div> 
 <p><span style="font-weight: 400">Davis’ plea further emphasized the need for the court to label </span><span style="font-weight: 400"><a rel="noopener noreferrer nofollow" title="CEL" href="https://thebittimes.com/tag/cel.html">CEL</a> “not a security</span><span style="font-weight: 400">.” He drew parallels with the recent SEC vs. Ripple case, where, according to him, the XRP token was not deemed a security.</span></p> 
 <p><span style="font-weight: 400">However, in a swift response, Judge Glenn refuted all these motions in a short span, just eleven days after the presentation of the argument on August 14.</span></p>  
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 <p><span style="font-weight: 400">Moreover, </span><span style="font-weight: 400">Judge Glenn</span><span style="font-weight: 400"> emphasized that the current order does not represent any decision under the federal securities laws on crypto tokens or associated transactions being securities. Hence, he maintained a clear path for the U.S. Securities and Exchange Commission to challenge such crypto transactions on various grounds.</span></p> 
 <h2 id="b-cel-s-valuation-remains-contentious-b"><b>CEL’s Valuation Remains Contentious</b></h2> 
 <p><span style="font-weight: 400">Celsius’ management intends to value CEL at $0.25 in their proposed plan. This move is part of their strategy to expedite the sale to crypto consortium </span><span style="font-weight: 400">Fahrenheit</span><span style="font-weight: 400">, aiming to revert funds to their creditors. This valuation witnessed a slight increase from the previous rate of $0.20 and was recently endorsed by Glenn.</span></p> 
 <p><span style="font-weight: 400">However, certain token <a rel="noopener noreferrer nofollow" title="holders" href="https://thebittimes.com/tag/holders.html">holders</a> believed that <a rel="noopener noreferrer nofollow" title="CEL" href="https://thebittimes.com/tag/cel.html">CEL</a> should have retained its value at $0.80 when Celsius declared bankruptcy. But with allegations of market manipulation swirling around, the court indicated that even a zero valuation wasn’t off the table. The company’s counter-argument stated that trading prices were not an authentic reflection since the <a rel="noopener noreferrer nofollow" title="CEL" href="https://thebittimes.com/tag/cel.html">CEL</a> market faced alleged manipulation.</span></p> 
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Judge Denies Separate Class for Celsius Stakeholders

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