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ARTICLE · 23 MAY 2022

What We're Reading This Week [May 20, 2022]

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Coinbase's CEO subsequently explained that Coinbase currently has "no risk of bankruptcy" and that these additional disclosures were included only because of new guidance issued by the SEC.

United StatesInsolvency/Bankruptcy/Re-Structuring
Samuel R. Rabuck
Samuel R. Rabuck
Aaron Gavant
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Sean Scott
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Law360 reports that Coinbase included new bankruptcy-related risk factors in a recent SEC filing, explaining that "custodially held" digital assets (i.e., cryptocurrency) could be considered property of a bankruptcy estate if the company were to file for bankruptcy and that Coinbase customers could be treated as general unsecured creditors, which would decrease their likelihood of recovery.  Coinbase's CEO subsequently explained that Coinbase currently has "no risk of bankruptcy" and that these additional disclosures were included only because of new guidance issued by the SEC.  Nonetheless, such disclosures could result in customers finding cryptocurrency custodial services less attractive. [Law360; May 11, 2022]

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