What You Need to Know

  • SEC says FTT exchange tokens are securities.
  • Bitcoin is a cryptocurrency, which has virtual tokens or coins that can be used to trade or make purchases.
  • The courts have yet to decide whether to rule in SEC’s favor.

Cryptocurrency fallen angel FTX’s exchange token 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 claim from the regulatory body could pave an avenue of recovery for investors who lost billions, and spell legal troubles for celebrity endorsers of some of the largest crypto platforms like FTX, observers say.

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