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FTX collapse: US asks companies to disclose exposure to beleaguered crypto firms
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IANS | 12 Dec, 2022
In the wake of the collapse of crypto exchange FTX, the US Securities
and Exchange Commission (SEC) has directed publicly-traded companies to
tell investors about their involvement with struggling cryptocurrency
firms.
The SEC, in a letter to the companies, said that
recent bankruptcies and financial distress among crypto asset market
participants have caused widespread disruption in those markets.
"Companies
may have disclosure obligations under the federal securities laws
related to the direct or indirect impact that these events and
collateral events have had or may have on their business," the
commission said.
FTX filed for bankruptcy last month after its possible merger with leading crypto exchange Binance did not materialise.
The
US House Financial Services Committee is probing the controversial
collapse of the crypto exchange that wiped out billions of investors'
money.
According to the FTC, the Division of Corporation Finance
believes that companies should evaluate their disclosures with a view
towards providing investors with specific, tailored disclosure about the
market events and conditions, the company's situation in relation to
those events and conditions, and the potential impact on investors.
"Companies with ongoing reporting obligations should consider whether their existing disclosures should be updated," it advised.
Sam
Bankman-Fried (SBF), former CEO of now bankrupt crypto exchange FTX, is
expected to testify before a US Congress committee hearing on December
13.
According to reports, SBF "secretly transferred $10 billion in FTX client funds to his trading house Alameda Research".
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