SEC Warns FTX Over Repayment Plan Involving Cryptocurrencies
Friday, September 6, 2024 4:10 PM
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SEC issues warning to FTX over proposed repayment plan involving stablecoins and cryptocurrencies. FTX, facing an $8 billion deficit, aims to repay creditors up to 118% of their claims in cash, with only claims under $50,000 eligible. While some creditors prefer crypto payments, SEC raises concerns about lack of clarity and regulatory compliance. U.S. Trustee also objects to the plan, criticizing a provision shielding FTX debtors from legal actions. The crypto community, including Coinbase’s Chief Legal Officer Paul Grewal, criticizes SEC’s stance for lack of clear guidance on crypto transactions.
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