Global Hive Buzz

FTX Trading Ltd. Introduces Revised Proposal for Customer and Creditor Reimbursement

FTX has submitted a modified reorganization plan aiming to reimburse customers and creditors with billions of dollars. The proposed valuation of assets in the plan corresponds to their value at the time of the bankruptcy filing on November 11, 2022, when Bitcoin (BTC) was trading around $17,000—now exceeding $41,100.

While the reorganization plan addresses key aspects, critical questions remain unanswered, including the potential relaunch of FTX's defunct crypto exchange, the valuation approach for certain digital tokens, and the anticipated reimbursement for creditors.

The plan is scheduled for creditor approval in 2024, and upon approval, it will proceed to final consideration by U.S. Bankruptcy Judge John Dorsey. Major creditor and client groups involved in the Chapter 11 case have already endorsed the overall framework.

In October, both creditor representatives and FTX management agreed on a plan outlining a $9.2 billion return to clients by mid-2024. During the same period, the exchange's management explored three restructuring options for the platform.

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Crypto Regulations Unlikely to Materialize in the U.S. Before 2025

Despite ongoing deliberations in the U.S. Congress regarding cryptocurrency, it appears improbable that a comprehensive regulatory framework will be established before 2025. However, legal decisions and agency policies will continue to evolve.

Each year brings expectations of a watershed moment in the relationship between the crypto industry and U.S. regulatory bodies, yet that decisive point seems to elude. The crypto sector eagerly awaits the United States to catch up with Europe and other regions, particularly in Southeast Asia, in formalizing cryptocurrency regulations.

Even if the SEC eventually provides regulatory clarity, both the SEC and its counterpart, the Commodity Futures Trading Commission (CFTC), are expected to persist in their enforcement efforts through high-profile cases.

However, major players like Coinbase and Kraken are already navigating significant allegations, which are currently in the legal process. This leaves U.S. regulators in a similar position as the digital assets firms they are targeting.

Ethereum Community Greenlights Groundbreaking Compliant Tokenization Standard

The Ethereum community has given the green light to ERC-3643, marking the inaugural standard tailored explicitly for compliant tokenization. Distinguished from the widely used ERC-20 standard, ERC-3643 is engineered to enhance activities related to securities, offering improved functionalities and compliance modules.

This approval now provides companies with a standardized framework to actively implement the tokenization of real-world assets on blockchains, complete with the necessary compliance controls and permissions.

As the calendar turns to 2024, industry experts anticipate an acceleration in the momentum behind asset tokenization. HSBC's research group projects that the market for tokenized assets will surge into the trillions of dollars by 2030. Governments and major investment funds are increasingly expressing interest in this domain. The forthcoming wave of tokenization is poised to witness bonds, equities, and other mainstream financial assets transitioning to blockchain-based models.

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