The United States Securities and Exchange Commission (SEC) claimed that FTX Token (FTT), the native cryptocurrency of bankrupt crypto exchange FTX, is a security.
The claim was made in a complaint filed late Wednesday in the United States District Court for the Southern District of New York against former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang.
FTT Token Was Sold as an Investment Contract
According to the document, FTX’s management team sold FTT as an investment contract from its inception. The company then used proceeds from its token sale to fund the exchange’s business operations, growth, and development.
The SEC cited the FTT whitepaper and information posted on FTX’s website, which described the asset as “the token powering the FTX ecosystem.”
The Commission said the whitepaper highlighted the profit potential of the token, while the website made investors expect a share in the appreciation of the value of FTT.
“FTT was marketed as an invest
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