SEC Determines FTX Exchange Token ‚FTT‘ is a Security, Execs Plead Guilty

• The U.S. Securities and Exchange Commission (SEC) has determined that FTX’s FTT exchange token is a security.
• Former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang have pleaded guilty to criminal fraud charges related to FTX’s collapse.
• Twitter has integrated cryptocurrency prices into search results through a plug-in from charting platform TradingView.

The U.S. Securities and Exchange Commission (SEC) has taken a stance on the FTX exchange token FTT, determining that it is a security. This ruling has the potential to have a wide-reaching impact on the industry, as the SEC noted in its complaint that “If demand for trading on the FTX platform increased, demand for the FTT token could increase, such that any price increase in FTT would benefit holders of FTT equally and in direct proportion to their FTT holdings.”

The SEC and Commodity Futures Trading Commission also announced charges against former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang, alleging that Ellison manipulated the price of FTT. The two have since pleaded guilty to criminal fraud charges and are cooperating with investigators.

The crypto industry also has been receiving some attention from Twitter recently. Through a plug-in from charting platform TradingView, the social media giant has integrated cryptocurrency prices into search results. Now when users type crypto or stock tickers into the search bar, they’ll be able to generate the current value and a price chart, as well as a link to the trading app Robinhood. Twitter’s involvement with the crypto industry has been growing since September 2021, when the company was under the management of Jack Dorsey and added a tipping feature. Since then, the company has been taken over by Elon Musk.