If Alameda Research succeeds in its $445 million claim against Voyager, the recovery rate for Voyager creditors could drop from 51 percent to 24 percent to 26 percent, compared with 51 percent, Texas regulators said in a court filing. Putting Voyager into liquidation may allow creditors to recover more assets. The document says Binance.US' acquisition of Voyager should be canceled and that Voyager did not adequately warn of Alameda's claims and the potential transfer of users' personal information to overseas jurisdictions. In addition, Joe Rotunda, Director of Enforcement at the Texas Securities Commission, stated that Binance.US’s staking program is different from traditional cryptocurrency staking and may constitute an illegal securities offering. In addition to the above information, the document also stated that Binance.US never applied for a license from the SSB (State Securities Board), and that the terms of use that Voyager customers must sign "may even allow Binance.com to conduct business in the United States."