SME Times is powered by   
Search News
Just in:   • US Treasury Secretary expects India to strike first trade deal  • 12 US states sue Trump administration over 'illegal tariffs'  • Centre tightens vigil to check flow of cheap imports amid US tariff hikes  • India set to maintain its leadership in global economic growth: Centre  • ‘Viksit Bharat’ journey a shared national mission: FM Sitharaman 
Last updated: 12 Dec, 2022  

bitcoin-thmb.jpg FTX collapse: US asks companies to disclose exposure to beleaguered crypto firms

Bitcoin.9.jpg
   Top Stories
» US Treasury Secretary expects India to strike first trade deal
» India set to maintain its leadership in global economic growth: Centre
» ‘Viksit Bharat’ journey a shared national mission: FM Sitharaman
» Active companies in India up by over 1.62 lakh in FY25
» India’s pharma exports surpass $30 billion in FY25, US top market
IANS | 12 Dec, 2022
In the wake of the collapse of crypto exchange FTX, the US Securities and Exchange Commission (SEC) has directed publicly-traded companies to tell investors about their involvement with struggling cryptocurrency firms.

The SEC, in a letter to the companies, said that recent bankruptcies and financial distress among crypto asset market participants have caused widespread disruption in those markets.

"Companies may have disclosure obligations under the federal securities laws related to the direct or indirect impact that these events and collateral events have had or may have on their business," the commission said.

FTX filed for bankruptcy last month after its possible merger with leading crypto exchange Binance did not materialise.

The US House Financial Services Committee is probing the controversial collapse of the crypto exchange that wiped out billions of investors' money.

According to the FTC, the Division of Corporation Finance believes that companies should evaluate their disclosures with a view towards providing investors with specific, tailored disclosure about the market events and conditions, the company's situation in relation to those events and conditions, and the potential impact on investors.

"Companies with ongoing reporting obligations should consider whether their existing disclosures should be updated," it advised.

Sam Bankman-Fried (SBF), former CEO of now bankrupt crypto exchange FTX, is expected to testify before a US Congress committee hearing on December 13.

According to reports, SBF "secretly transferred $10 billion in FTX client funds to his trading house Alameda Research".
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Do you think Indian businesses will be negatively affected by Trump's America First Policy?
 Yes
 No
 Can't Say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter