The Securities and Exchange Commission (SEC) has raised concerns about FTX’s proposed plan to use stablecoins to pay creditors.
The cryptocurrency exchange FTX, which declared bankruptcy in November 2022 with a deficit of $8 billion, has planned to offer its creditors to cover 118% of their claims. This move has raised eyebrows among various stakeholders in the society.
SEC Reviews FTX Plan Amid Bankruptcy Chaos
The proposed restructuring plan, intended to help the creditors, especially those with claims less than $50,000, to solve the financial crisis, is now under the scrutiny of the SEC. The regulatory body has chosen not to opine on the legalities of the transactions under the federal securities laws. They are reserving the right to challenge the deal. The issue is that the crypto asset securities traded on FTX could be liquidated or distributed under the new plan.
Furthermore, although FTX has identified many digital assets, the SEC has become slightly more optimi
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