Crypto News Update: FTX Repayments | SEC vs Ripple (XRP) | Grayscale Ethereum ETF

FTX Creditors' Repayment Plan:

FTX has proposed a new plan to repay 98% of its creditors 118% of their claims in cash within 60 days of approval by a Delaware bankruptcy court. This plan also includes non-governmental creditors receiving their full claims plus up to 9% interest. The available funds for distribution, estimated between $14.5 billion and $16.3 billion, were amassed through rigorous asset recovery and liquidation, including an 8% stake in AI startup Anthropic sold for $884 million. Additionally, the plan would settle major claims from government agencies like the IRS and the CFTC, with specific provisions for other creditor compensations. A court hearing is scheduled for June to discuss this proposal.

SEC vs. Ripple:

The SEC has submitted its final response in the ongoing legal battle with Ripple over its XRP cryptocurrency. The SEC argues against Ripple's claims of non-recklessness and insists on the need for injunctions to prevent future violations, suggesting that Ripple could still engage in prohibited actions despite no recent breaches. The SEC refutes Ripple's defense related to sales outside the U.S. and to accredited investors, emphasizing the potential for future compliance issues.

Grayscale Withdraws Ethereum ETF Application:

Grayscale has withdrawn its application for an Ethereum futures ETF, which was scheduled for a decision by the SEC on May 30. The withdrawal occurred just weeks before the decision deadline. The ETF, had it been approved, would have been listed on the New York Stock Exchange.

#cryptonews #ethereum #ftx

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