Coinbase Legal Chief Challenges SEC Over Vague FTX Plan, Urges Stronger Investor Safeguards
Coinbase’s Chief Legal Officer, Paul Grewal, has criticized the SEC for its unclear stance on FTX’s proposal to repay creditors with stablecoins or other cryptocurrencies.
The SEC has not outright declared these transactions illegal but has reserved the right to contest them, causing frustration in the crypto community. Grewal expressed dissatisfaction with the SEC’s ambiguous guidance and called for more transparent regulations.
The SEC has also requested modifications to FTX’s liquidation plan. Including removing a discharge provision. And reserves the right to oppose the plan if these changes are not implemented.
Clever Robot News Desk 3rd September 2024
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