Celsius Granted Permission to Convert Altcoins to BTC and ETH for Creditors

Celsius, the bankrupt crypto lender, has received approval to convert its altcoins to bitcoin (BTC) and ether (ETH) as it prepares to distribute assets to creditors. The move comes after discussions with the Securities and Exchange Commission (SEC), which has classified certain crypto tokens as securities requiring regulatory approval. Celsius will be able to sell or convert non-BTC and non-ETH cryptocurrencies starting July 1, 2023. The company is working on an updated bankruptcy plan that will primarily involve distributions of BTC and ETH to creditors. The SEC's recent actions against major crypto exchanges have highlighted the need for compliance with securities regulations.