BitGo Makes a Stirring Plea
In a legal spectacle that could redefine the landscape of cryptocurrency mergers, BitGo, a leading provider of cryptocurrency wallets, took its fight to the Delaware Supreme Court on Wednesday, urging the justices to revive a disputed $1.2 billion merger deal with digital assets firm Galaxy Digital.
Complex Regulatory Tug-of-War
BitGo’s counsel, A. Thompson Bayliss of Abrams & Bayliss LLP, argued passionately that the case delves into the intricate realms of administrative, agency, and securities laws. He emphasized the ever-evolving nature of crypto regulations, likening them to a “moving target” that rendered Galaxy’s withdrawal from the agreement unjust.
Delaware $1.2B Crypto Merger revival: Navigating the Regulatory Maze
At the heart of the dispute lies the interpretation of “company 2021 audited financial statements,” a term embedded in the merger agreement. BitGo insists it complied with federal regulations but faced a perplexing challenge due to conflicting interpretations, particularly regarding SEC Staff Accounting Bulletin No. 121.
