US bankruptcy judge Martin Glenn, the judge leading the Celsius digital currency case, said the court would look abroad for guidance in the case.
“Most cases involving cryptocurrency raise legal issues as there are no dominant legal precedents in this circuit or elsewhere in the United States or in other countries where the cases arise,” Judge Martin Glenn wrote in a document on the Celsius case on Monday.
However, the court may consider the 529-page paper Digital Assets: An Advisory Paper published by the Law Commission of England and Wales in the Celsius case in the future, as the document addresses several legal issues arising in cases involving digital assets.
Judge Martin Glenn noted that: the legal principles applicable in the United Kingdom are not binding on courts in the United States, but said that these principles may be persuasive in addressing legal issues that may arise in the Celsius case.
The lack of regulation of cryptocurrencies in the USA has long complicated the lives of users and service providers, and now Judge Martin Glenn has acknowledged the damage the judiciary also feels from the lack of regulation that appeared in the Celsius case.
