US SEC: FTX cannot use cryptocurrencies to repay creditors

The U.S. Securities and Exchange Commission (SEC) has revealed that cryptocurrencies and stablecoins cannot be used to repay creditors for the FTX exchange, which went bankrupt in 2022.
FTX had previously argued that cash redemptions were appropriate for creditors, but some creditors demanded physical cryptocurrency redemptions.
In response, FTX was also reportedly considering redemption into cash and dollar-pegged stablecoins.
FTX plans to return up to $12.7 billion (approximately 1.8647 trillion yen) to creditors.