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FTX Tweaks Crypto Sale Proposal to Placate U.S. Government
The bankrupt crypto exchange wants to sell off its billions of dollars in crypto before returning funds to creditors – but doesn’t want markets forewarned
Updated Sep 13, 2023, 10:29 a.m. Published Sep 13, 2023, 6:29 a.m.
Crypto exchange FTX has amended its proposal to sell off billions in crypto assets, as it seeks to assuage concerns raised by the U.S. Trustee, the bankruptcy branch of the Department of Justice, in a Tuesday filing.
In the proposal, FTX would still not have to issue advance public notice of transactions given their market-moving implications – as the prospect that a crypto player selling off as much as $100 million of assets per week has already chilled crypto prices.
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The U.S. Trustee originally objected to FTX’s plan, saying that any intention to sell off bitcoin or ether should be flagged as widely as possible to give others an opportunity to object. In its compromise, FTX has agreed to keep the U.S. Trustee privately in the loop, alongside committees representing the exchange’s creditors.
FTX will be hoping that is enough to placate opponents, with Judge John Dorsey set to consider the proposal at a hearing later Wednesday in a Delaware courtroom. Earlier this week, FTX revealed it holds $1.16 billion in solana's SOL and $560 million in bitcoin.
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Crypto industry insiders meet with key senators on market structure bill negotiation
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