The U.S. Securities and Exchange Commission (SEC) may oppose the plan proposed by bankrupt cryptocurrency exchange FTX to repay creditors using U.S. dollar-pegged stablecoins.
What Happened: In a court document, the regulator stated it reserves its rights to object to the transactions detailed in FTX's liquidation plan, Decrypt reported Monday. The SEC clarified that it "is not opining as to the legality, under the federal securities laws, of the transactions" but may challenge transactions involving cryptocurrency assets.
The SEC pointed out that the administrators for the FTX estate have not identified the distribution agent, which may potentially distribute stablecoins to creditors under the plan.
The approved restructuring plan would have allowed debtors to receive up to 118% of their claims in cash, but only those claiming less than $50,000 would have been eligible for the repayments.
Why It Matters: The development came after the cryptocurrency exchange, which went bust in November 2022, agreed on a plan to repay its creditors between $14.5 billion and $16.3 billion in total compensation, about $5.3 billion more than what was owed.
This was a rare outcome in U.S. bankruptcies where creditors typically receive only a fraction of their claims. The majority of customers are expected to receive 118% of their claims in cash.
Sam Bankman-Fried, the exchange's founder, was sentenced to 25 years in prison after being convicted of defrauding customers, investors, and lenders in March. The company had to liquidate his $222 million worth of real estate to compensate creditors.
Price Action: As of this writing, FTX Token (CRYPTO: FTT) tied to the exchange was trading at $1.29, up 5% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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美國證券交易委員會(SEC)可能會反對破產的加密貨幣交易所FTX提出的使用與美元掛鉤的穩定幣償還債權人的計劃。
發生了什麼:Decrypt週一報道,監管機構在一份法庭文件中表示,它保留反對FTX清算計劃中詳述的交易的權利。美國證券交易委員會澄清說,它 「對聯邦證券法規定的交易的合法性沒有看法」,但可能會對涉及加密貨幣資產的交易提出質疑。
美國證券交易委員會指出,FTX資產的管理人員尚未確定分銷代理商,該分銷代理有可能根據該計劃向債權人分發穩定幣。
批准的重組計劃將允許債務人獲得高達118%的現金索賠,但只有索賠低於50,000美元的人才有資格獲得還款。
爲何重要:這一事態發展是在2022年11月破產的加密貨幣交易所商定了一項計劃,向其債權人償還145億至163億美元的總薪酬,比欠款多出約53億美元。
在美國破產中,這是罕見的結果,債權人通常只收到其索賠的一小部分。預計大多數客戶將收到118%的現金索賠。
該交易所的創始人山姆·班克曼-弗裏德在三月份因欺詐客戶、投資者和貸款人而被定罪,被判處25年徒刑。該公司必須清算其價值2.22億美元的房地產以補償債權人。
價格走勢:根據Benzinga Pro的數據,截至撰寫本文時,與該交易所掛鉤的FTX代幣(加密貨幣:FTT)的交易價格爲1.29美元,在過去24小時內上漲了5%。
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免責聲明:此內容部分是在Benzinga Neuro的幫助下製作的,並由Benzinga編輯審查和發佈。
照片來源:Shutterstock