{"id":433585,"date":"2024-07-17T02:00:08","date_gmt":"2024-07-17T01:00:08","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=433585"},"modified":"2024-07-17T01:03:57","modified_gmt":"2024-07-17T00:03:57","slug":"ftx-proposes-12-7-billion-settlement-cftc-payments-in-proposed-settlement","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ftx-proposes-12-7-billion-settlement-cftc-payments-in-proposed-settlement\/","title":{"rendered":"FTX proposes $12.7 billion settlement deal with CFTC"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/companies\/ftx\/\">FTX<\/a> has agreed to pay the CFTC $4 billion in disgorgement and $8.7 billion in restitution, minus amounts credited from other bankruptcy payments, according to a July 12 filing.<\/p>\n<p>If the proposed settlement is approved, FTX and associated debtors will receive dollar-for-dollar credit toward the restitution amount based on the amount they distribute in FTX.com and FTX.US customer claims and <a href=\"https:\/\/cryptoslate.com\/companies\/alameda-research\/\">Alameda<\/a> lender claims in the Chapter 11 cases.<\/p>\n<p>The debtors will also receive dollar-for-dollar credit for the disgorgement amount based on the amount they distribute toward the CFTC's stipulated claim in the Chapter 11 cases.<\/p>\n<p>FTX would only need to pay the stipulated disgorgement claim as it is set out in its eligible reorganization plan and within the limits of its available funds.<\/p>\n<p>Under the agreement, the CFTC will not seek a civil monetary penalty and have no other claims against the debtors in the ongoing Chapter 11 cases.<\/p>\n<p>The proposed settlement is not final. The CFTC's Enforcement Division recommends the agreement for consideration. The division authorized FTX to file its motion based on the assumption that the regulator will approve the proposal before an Aug. 6 hearing.<\/p>\n<p>Furthermore, the proposed settlement will only become final and take effect after FTX's eligible reorganization plan is confirmed.<\/p>\n<h2>Proposal saves money, maximizes payouts<\/h2>\n<p>FTX noted that the CFTC previously sought $52.2 billion in restitution, disgorgement, and civil monetary penalties related to civil enforcement actions against FTX, Alameda Research, and former executives.<\/p>\n<p>It called the CFTC its most significant creditor, noting it has &#8220;very substantial potential liability&#8221; to the CFTC due to former executives' actions and their convictions or guilty pleas.<\/p>\n<p>FTX believes the settlement with the CFTC should resolve ongoing litigation and disputes, save legal costs, and preserve the value of assets owed to creditors.<\/p>\n<p>FTX's bankruptcy case is progressing more broadly. In <a href=\"https:\/\/cryptoslate.com\/ftxs-bankruptcy-plan-offers-over-100-percent-recovery-for-creditors-faces-mixed-reactions\/\">May<\/a>, FTX said it would provide creditors over 100% of the amount owed. Some creditors have <a href=\"https:\/\/cryptoslate.com\/ftx-creditor-group-files-objection-against-bankruptcy-reorganization-plan\/\">objected to<\/a> the plan because it will distribute cash rather than in-kind crypto distributions, possibly introducing tax complications.<\/p>\n<p>FTX expects to distribute $14.5 and $16.3 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FTX has agreed to pay the CFTC $4 billion in disgorgement and $8.7 billion in restitution, minus amounts credited from other bankruptcy payments, according to a July 12 filing. If the proposed settlement is approved, FTX and associated debtors will receive dollar-for-dollar credit toward the restitution amount based on the amount they distribute in FTX.com [&hellip;]<\/p>\n","protected":false},"author":1403,"featured_media":428655,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77901],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FTX proposes $12.7 billion settlement deal with CFTC<\/title>\n<meta name=\"description\" content=\"FTX has agreed to pay the CFTC $4 billion in disgorgement and $8.7 billion in restitution, minus amounts credited from other bankruptcy payments, according to a July 12 filing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ftx-proposes-12-7-billion-settlement-cftc-payments-in-proposed-settlement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FTX proposes $12.7 billion settlement deal with CFTC\" \/>\n<meta property=\"og:description\" content=\"FTX has agreed to pay the CFTC $4 billion in disgorgement and $8.7 billion in restitution, minus amounts credited from other bankruptcy payments, according to a July 12 filing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/ftx-proposes-12-7-billion-settlement-cftc-payments-in-proposed-settlement\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-17T01:00:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-17T00:03:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/06\/ftx-repayment.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mike Dalton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mike Dalton\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/ftx-proposes-12-7-billion-settlement-cftc-payments-in-proposed-settlement\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/ftx-proposes-12-7-billion-settlement-cftc-payments-in-proposed-settlement\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/#person\",\"name\":\"Mike Dalton\",\"url\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg\",\"caption\":\"Mike Dalton\"},\"jobTitle\":\"Former Journalist\",\"description\":\"Before transitioning to crypto writing in 2018, Mike studied library and information sciences. 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