According to documents submitted by the US Securities and Exchange Commission (SEC) on August 30th, the agency reserves the right to challenge or oppose the joint Chapter 11 bankruptcy plan filed by the bankrupt exchange FTX. This means that the SEC may raise objections to this plan in the future.

The document states that FTX's asset portfolio includes some 'crypto asset securities', which debtors may liquidate or distribute to creditors according to the plan. In addition, the debtor is exploring different distribution options, including the possibility of distributing stablecoins or cash to certain creditors, but FTX's restructuring plan does not specify who will be responsible for distributing these stablecoins if approved for debt repayment.

The SEC has not explicitly stated whether this is illegal, but it mentioned that it may challenge these transactions involving cryptocurrency assets in the future. In addition, the SEC also opposes a clause in FTX's plan that would exempt FTX from future legal action by creditors. The American trustee overseeing this bankruptcy also opposed this provision, believing that such a plan should not be approved.

If the restructuring plan is delayed as a result, it may further affect the rights and interests of creditors, because over time, the administrative costs of FTX bankruptcy proceedings have increased significantly. According to a X user's statistics, FTX employees have recently requested more than $800 million in fees, which is equivalent to burning $1.3 million.