🔸SEC Raises Concerns On Coinbase's Role In Celsius Network Bankruptcy Restructuring The Securities and Exchange Commission filed papers raising objections to crypto firm Celsius Network's plan to distribute digital assets to customers as part of a reorganization plan through Coinbase. Celsius, which filed for bankruptcy more than a year ago, will seek bankruptcy court approval for its restructuring plan in the coming weeks. Under Celsius' proposed plan of reorganization, Coinbase will provide brokerage and master trading services to Celsius, engaging in the activities that prompted litigation by the regulator, which is still ongoing, according to court papers filed by the SEC in the Celsius chapter 11 case on Friday. The regulator sued Coinbase earlier this year saying it operates an unregistered securities exchange.