(from Tuesday) VOYAGER PROVIDES UPDATE ON STATE ORDERS
Tue, April 5, 2022, 7:45 AM
In this article:
VYGVF
-3.32%
UCD
0.00%
TSX: VOYG
OTCQX: VYGVF
FRA: UCD2
NEW YORK, April 5, 2022 /CNW/ - Voyager Digital Ltd. (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) ("Voyager" or the "Company") is at the forefront of innovation in the rapidly evolving crypto industry, and is committed to providing the best experience for its customers.
Voyager Digital, Ltd. Logo (CNW Group/Voyager Digital (Canada) Ltd.)
Voyager Digital, Ltd. Logo (CNW Group/Voyager Digital (Canada) Ltd.)
On March 30, 2022, Voyager issued a press release describing certain orders ("Orders") it received or became aware of from a limited number of state securities divisions that are members of a multistate working group of the North American Securities Administrators Association. The Orders concern one benefit of the customer accounts which permits customers to earn rewards on their balances of certain crypto assets ("Voyager Earn Program"). These Orders generally assert that Voyager was offering and selling securities or investment contracts in the form of accounts with the Voyager Earn Program unregistered with the applicable state.
The Voyager Earn Program is the only Voyager product subject to the Orders. No other products and services offered by the Company are noted in the Orders. Of the states that have issued Orders, most have not imposed any immediate restrictions on the Voyager Earn Program.
"I want to emphasize to our shareholders and customers that only one of our products is noted in the Orders. Voyager has always recognized that the US regulatory framework must evolve, and in some cases completely transform, to address the needs of the rapidly expanding crypto sector. Historically, Voyager has advocated for thoughtful regulation, which is a natural progression for this asset class. We believe tailored regulation will spur increased confidence and adoption of crypto assets. Nonetheless, Voyager continues to pursue its strategy to innovate and grow the business and position the Company as a leader in the crypto asset market," said Stephen Ehrlich, CEO and co-founder of Voyager.
Voyager continues to have ongoing communications with these state regulators to better understand the terms of their respective Orders and clarify certain statements in the Orders that Voyager believes are inaccurate. It is Voyager's goal that these communications will result in a collaborative and constructive dialogue on an acceptable path forward. Voyager's discussions to date with the regulators demonstrate a willingness to work with Voyager to pursue a mutually acceptable regulatory framework. The Company believes this provides an opportunity to contribute to the evolution of the regulatory framework for crypto, which is needed more than ever due to the unprecedented growth in the adoption by American consumers.
AI
