An ambitious plan to form a new crypto services business from the ashes of bankrupt lender Celsius has run into a speed bump with the U.S. Securities and Exchange Commission, according to a person familiar with the situation.

A "back and forth" regarding information around assets held by the Celsius estate is taking place between the SEC, the Celsius Creditors Committee and Fahrenheit, an investment vehicle that won a bidding contest in May of this year to issue shares in a new crypto business built upon the bankrupt lender's remaining assets, the source told CoinDesk.

"My understanding is that [the SEC] asked for more information to make a determination," the person said. "The way I'm interpreting it is the SEC is telling the committee what they want to see for various parts of the business, and now the committee has to decide what they're going to do with that information."

Investment vehicle Fahrenheit, which includes Arrington Capital, U.S. Bitcoin Corp., and Proof Group, gained approval for its reorganization plan from a bankruptcy court earlier this month.

Fahrenheit's now-stalled plan for Celsius involved distributing some $2 billion worth of bitcoin (BTC) and Ethereum's ether (ETH) to creditors, as well as equity in a new company. The new entity would run and further build out the Celsius bitcoin mining operations, stake Ethereum, monetize other illiquid assets and develop new business opportunities, according to a filing.

The approved backup plan if that falls through: winding down and liquidating Celsius' assets.

Neither Fahrenheit nor the Celsius Creditor Committee responded to requests for comment. The SEC declined to comment.