Individuals awaiting the fulfillment of their withdrawal requests from FTX are in jeopardy of never seeing their holdings again if the exchange doesn’t find a new partner to save it from apparent insolvency.
The head of the Securities and Exchange Commission cautioned Americans about the risks of investing in the lightly regulated cryptocurrency industry Thursday, a dire warning as one of the largest crypto exchanges FTX goes up in flames.When you give a crypto exchange your holdings “and they go down, you’re going to just stand in line at a bankruptcy court,” SEC Chairman Gary Gensler told CNBC’s Squawk Box Thursday morning.
Gensler declined to name specific exchanges, but his urging comes just days after FTX collapsed as it proved unable to meet billions of dollars in withdrawal requests. The bankruptcy court reference is a grim allusion to the fact that FTX users are not guaranteed to ever see their holdings again: Crypto exchanges are not regulated as institutions like FDIC-insured banks are and consumers are not assured their holdings.from its bailout agreement of FTX, it’s unclear how individuals may ever see their money again save legal action, as alluded to by Gensler.
The SEC, Department of Justice and Commodity Futures Trading Commission are each investigating how FTX managed consumer funds before the liquidity crisis, according to
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