Crypto lender Celsius Network may have to seek a new creditor vote on its proposed transformation into a bitcoin-mining business, a U.S. bankruptcy judge said during a court hearing on Thursday, Reuters reported. Celsius said last week that it had reduced its post-bankruptcy business plans to focus only on bitcoin-mining, citing the skepticism of the U.S. Securities and Exchange Commission (SEC) about its other planned business lines. Bankruptcy Judge Martin Glenn of New York, who is overseeing Celsius' chapter 11 process, expressed frustration on Thursday about the late pivot, saying that he had been a "broken record" about Celsius's need to reach agreement with the SEC. "This is not the deal that the creditors voted on," Glenn said. The revised deal could face "substantial opposition" from creditors, he said. The SEC did not definitively object to Celsius' bankruptcy plan before it was approved, but Celsius said the agency was unwilling to approve crypto lending and staking activity that the agency has opposed in the past.
