The FTX case continues to unfold and customers have still not been reimbursed. However, the US Securities and Exchange Commission (SEC) has just published a note: it probably does not intend to authorize reimbursements in cryptocurrencies, even in stablecoins.
FTX: SEC interferes in upcoming refunds
Debates are still ongoing regarding refunds for FTX customerswho have seen their funds blocked since the platform collapsed in 2022. While a relaunch of the exchange was considered, the solution was ultimately ruled out.
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Customers will therefore be reimbursed, but the nature of the assets is still unknown. Creditors have made known their wish to be reimbursed in cryptocurrencies, in an amount similar to that which they owned. But for now, the reimbursement seems to be leaning more towards a payment in cash or in a stablecoin based on the US dollar (USD)..
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SEC hostile to cryptocurrency reimbursement
But for the SEC, this is not the optimal solution. The US financial regulator has just registered a document in the form of a warning. Without saying whether a cryptocurrency refund would be legal or not, he says he might oppose it. :
“[La SEC] reserves the right to object to transactions that include crypto assets.»
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SEC clarifies that this includes dollar-based stablecoinsShe also points out that the proposed repayment plan does not mention which actor would distribute the stablecoins, and that this is problematic in itself.
Last July, an agreement was finally reached with the CFTC, which had agreed to a $12.5 billion repayment for FTX creditors – against the 52 billion dollars initially requested.
For investors, a refund in cryptocurrencies would of course be of interest: prices have increased sharply since the fall of the platform. But that does not seem to be the solution that will be adopted, either by the company's interim management or by the SEC.
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Source: SEC
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A journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance, analyzing how news from this sector influences the cryptocurrency sector, offering a unique and informed perspective to Cryptoast readers.
Marine Debelloir
3120 articles
