Bitcoin News Thebittimes.Com

Core Scientific said favorable market conditions have increased its liquidity position and its bankruptcy restructuring plan has been revised. A restructuring plan for bankrupt Bitcoin (BTC) miner Core Scientific could be finalized by September and it expects to exit proceedings with an additional $46 million due to recent favorable market conditions. In a May 22 filing in a Texas Bankruptcy Court, Core Scientific’s lawyers said its liquidity position has improved considerably since it filed for bankrupt cy and as a result, it plans to file a reorganization plan in the near future. The plan is currently being negotiated with key stakeholders, and according to the filing, the firm is “seeking to build as much consensus as possible” about how a new Core Scientific would look after emerging from its bankruptcy proceedings. The next steps in Core Scientific’s Chapter 11 proceedings. Source: Stretto A Chapter 11 bankruptcy allows a firm to continue operating until stakeholders are able t

Republican Senator Tom Emmer has long been a critic of Gary Gensler and the U.S. Securities Exchange Commission’s cryptocurrency oversight strategy. Minnesota Senator Tom Emmer has slammed United States Securities Exchange Commission (SEC) Chairman Gary Gensler for his flawed “crypto information-gathering efforts” and insisted Gensler should appear before Congress to explain the cost of his “regulatory failures.” Emmer’s comments came from a Dec. 10 tweet to his 67,500 Twitter followers, where he made reference to a bipartisan Blockchain Caucus letter he co-authored to the SEC Chairman on Mar. 16. Emmer said, “we now know Gensler's crypto information-gathering efforts were ineffective” citing the collapses of the Terra ecosystem and bankrupt crypto platforms Celsius, Voyager and FTX. He declined to provide Congress with the information requested in the letter, which would've informed Congress of the apparent inconsistencies in Gensler's approach that caused him to miss Ter