The SEC’s intervention raises critical questions about the implications for creditors and the legality of using stablecoins within the bankruptcy plan.
"The SEC is not opining as to the legality, under the federal securities laws, of the transactions outlined in the Plan and reserves its rights to challenge transactions involving crypto assets."
The SEC's comments highlight a significant concern over how cryptocurrency could complicate traditional bankruptcy processes and creditors' recoveries.
"This is the height of jurisdictional overreach... they are just unwilling to let it go." - Alex Thorn on the SEC's actions.
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