SEC Calls FTT Exchange Token a Security

FTX's ticker symbol FTT was sold as an investment contract and is a "security," the U.S. Securities and Exchange Commission said in a complaint filed late Wednesday that is sure to have broad industry implications. 

 "If the demand for trading on the FTX platform increases, the demand for the FTT Token may increase so that an increase in the FTT price would benefit FTX holders  equally and in direct proportion to their holdings in FTX," the SEC wrote in his complaint.

 "The large allocation of tokens to FTX prompted the management of FTX  to take steps to attract more users to the trading platform and thus increase the demand for the FTT token and increase its trading price." 

 The SEC made the claim in a complaint filed against FTX founder Gary Wang and former Alameda Research CEO Caroline Ellison. 
 Ellison and Wang  both pleaded guilty to the  charges against them and do not contest the SEC's charges, the agency said in a press release. 

 They are also subject to DOJ and CFTC charges related to their activities at FTX and Alameda." FTX investors reasonably expected to benefit from FTX's efforts to use investment funds to create an FTT target and create demand and value for them. joint venture. " The SEC added.

Source : coindesk

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