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SEC Warns FTX Against Using Stablecoins for Creditor Repayment
Sep 1, 2024, 09:35 PM
The U.S. Securities and Exchange Commission (SEC) has issued a warning to the FTX estate, advising against the use of stablecoins or other digital assets to repay creditors. This caution comes amid ongoing legal scrutiny and potential challenges from the SEC and the U.S. Trustee. The SEC has not explicitly declared such actions illegal but has reserved the right to challenge the transactions outlined in FTX's repayment plan. This development is part of a broader regulatory focus on cryptocurrency exchanges, as seen with other entities like Kraken facing legal proceedings initiated by the SEC.
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