FTT Token Statement From SEC

The leading cryptocurrency Bitcoin (BTC), which had a very serious decline in a short time due to the bankruptcy of FTX, also brought a great collapse in altcoins.

As of today, the U.S. Securities and Exchange Commission said in its latest announcement that FTT, the exchange token of FTX, is sold as an investment contract and is a “security”. The SEC had the following to say on the matter:

“If the demand for trading on the FTX platform increases, the demand for the FTT token may increase, such that any price increase in FTT benefits FTT holders in equal and direct proportion to their FTT holdings.”

“The large allocation of tokens to FTX encouraged the FTX management team to take steps to attract more users to the trading platform, thereby increasing the demand for the FTT token and raising the trading price.”

The SEC also appeared to file a complaint in a lawsuit filed against FTX co-founder Gary Wang and former Alameda Research CEO Caroline Ellison. FTX events, which have been on the agenda of the crypto money industry for a long time, seem to continue to tarnish the name of cryptocurrencies in the face of governments.

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