XRP holders have taken to Twitter to criticize the US Securities and Exchange Commission for failing to classify FTT as an unregistered security in its charges against Sam Bankman-Fried today.
The SEC complaint describes FTT as a “token” or “crypto asset.”
The complaint alleges that from the beginning, SBF commingled customer deposits and routinely diverted billions to Alameda to fund venture capital investments, purchase real estate, settle Alameda debts, etc. In addition, while presenting to investors that FTX maintained the highest industry and regulatory standards and treated Alameda as it did every other customer, SBF exempted Alameda from any risk controls. Moreover, according to the complaint, SBF offered them an “unlimited line of credit” funded with customer deposits.
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