{"id":82579,"date":"2023-11-09T11:26:52","date_gmt":"2023-11-09T16:26:52","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/sec-chair-indicates-ftx-revival-ftt-rallies-sec-chair-indicates-ftx-revival-ftt-rallies\/"},"modified":"2023-11-09T11:26:54","modified_gmt":"2023-11-09T16:26:54","slug":"sec-chair-indicates-ftx-revival-ftt-rallies-sec-chair-indicates-ftx-revival-ftt-rallies","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82579","title":{"rendered":"SEC Chair Indicates FTX Revival, FTT Rallies SEC Chair Indicates FTX Revival, FTT Rallies"},"content":{"rendered":"
\n

U.S. Securities and Exchange Commission Chair Gary Gensler indicated a potential reboot of FTX during DC Fintech Week on Wednesday, prompting FTX\u2019s digital token, FTT, to rally.\u00a0<\/p>\n

Gensler\u2019s comments were made when referring to the bid for FTX by former president of the New York Stock Exchange and CEO of digital asset exchange Bullish, Tom Farley.<\/p>\n

\u201cIf Tom or anybody else wanted to be in this field, I would say do it within the law,\u201d Gensler reportedly said.<\/p>\n

\u201cBuild the trust of investors in what you\u2019re doing and ensure that you\u2019re doing the proper disclosures \u2013 and also that you\u2019re not comingling all these functions, trading against your customers,\u201d Gensler continued. \u201cOr using their crypto assets for your own purposes.\u201d<\/p>\n

FTT surged 84% following Gensler\u2019s comments on the future of the crypto exchange, though is still down significantly from where it was two years ago.\u00a0<\/p>\n

FTX post-SBF<\/h2>\n

<\/span>
Gensler\u2019s statements come nearly a week after FTX founder, Sam Bankman-Fried, was found guilty on all seven charges brought against him in his landmark federal fraud case.\u00a0<\/p>\n

Bankman-Fried instructed his associates to allow FTX sister trading firm, Alameda Research, a $65 billion line of credit on the exchange as well as an \u201callow negative\u201d feature that prevented it from ever being liquidated. <\/p>\n

By the time FTX collapsed in November 2022, over $8 billion had been misappropriated at Bankman-Fried\u2019s behest.<\/p>\n

Attorney John Jay Ray III, who previously successfully returned $820 million to creditors of former American energy company Enron, has been tasked with cleaning up the defunct crypto exchange\u2019s financials.<\/p>\n

\u201cNever in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,\u201d Ray wrote in a 2022 court filing.<\/p>\n

\u201cIt was an $8 billion hole, and he\u2019s doing a masterful job of filling it,\u201d Managing Partner at Psalion and CEO of Presearch.com, Inc., Tim Enneking, said of Ray.<\/p>\n

If an amended settlement plan is approved by U.S. Bankruptcy Court by mid-2024, FTX customers would be expected to receive \u201cover 90% of distributable value worldwide\u201d in recovered funds.<\/p>\n

Alongside fintech startup Figure Technologies and investment firm Proof Group, Farley is one of three bidders hoping to take the reins of FTX when it is expected to exit bankruptcy next year.<\/p>\n

In a brief press conference following Bankman-Fried\u2019s conviction, U.S. Attorney Damian Williams warned similar perpetrators to \u201ccut it out,\u201d claiming they \u201chave enough handcuffs for all them.\u201d<\/p>\n

\u201cThink about how many actors in this space are not complying right now with international sanctions and money laundering laws and are using crypto for nefarious or bad actions,\u201d Gensler said.<\/p>\n

Bankman-Fried\u2019s defense team plans to appeal the verdict. The disgraced crypto exchange founder is expected back in court for his sentencing in March 2024.<\/p>\n

\n
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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. Securities and Exchange Commission Chair Gary Gensler indicated a potential reboot of FTX during DC Fintech Week on Wednesday, prompting FTX\u2019s digital token, FTT, to rally.\u00a0 Gensler\u2019s comments were made when referring to the bid for FTX by former president of the New York Stock Exchange and CEO of digital asset exchange Bullish, Tom […]<\/p>\n","protected":false},"author":1,"featured_media":80590,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-82579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nSEC Chair Indicates FTX Revival, FTT Rallies SEC Chair Indicates FTX Revival, FTT Rallies | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. Securities and Exchange Commission Chair Gary Gensler indicated a potential reboot of FTX during DC Fintech Week 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