Coinbase Chief Legal Officer Expresses Dissatisfaction with SEC’s Ambiguous Treatment of FTX’s Compensation Plan

Odaily Odaily News: Paul Grewal, chief legal officer of Coinbase, expressed concern that the U.S. SEC did not clarify the plan of cryptocurrency exchange FTX to repay creditors with stablecoins or other cryptocurrencies. Grewal's comments were in response to a document filed on Friday, in which the SEC reserved its rights in approving FTX Trading Ltd.'s joint bankruptcy protection plan in the U.S. Bankruptcy Court for the District of Delaware. On September 2, Grewal said on the X platform: "The U.S. SEC did not directly point out that this behavior is illegal." He referred to the wording used by the securities regulator in a court document, in which the SEC wrote: "The SEC did not express an opinion on this behavior: Under the federal securities laws, the U.S. Securities and Exchange Commission does not express an opinion on the legality of the transactions outlined in the plan and reserves the right to question transactions involving crypto assets."