ChainCatcher message, according to documents submitted to the U.S. District Court for the Southern District of New York on Friday, FTX bankruptcy victims are seeking a ruling that the seized assets of the collapsed cryptocurrency exchange (approximately $8 billion) belong to its customers, not the bankruptcy estate. Last month, the FTX bankruptcy management proposed a new reorganization plan that would allow 98% of creditors to recover 118% of their claims in cash within 60 days after court approval. However, the plan has left many FTX customers feeling that they missed the opportunity to profit from the rise in cryptocurrency prices.

ChainCatcher news, according to News.bitcoin, the Third Circuit Court of Appeals in Philadelphia has ruled that FTX is to undergo an external investigation. The ruling requires a court-appointed independent examiner to thoroughly review the business and bankruptcy issues, ensuring that there are no connections between the parties and the debtors. The ruling indicates that such investigations may enhance oversight and provide potential investors with insights into the internal workings of such businesses.The Philadelphia court's ruling suggests that investigations conducted solely by estate management agencies and their lawyers are insufficient. This latest directive may hinder the current restructuring strategy, which aims to compensate customers based on the value of crypto assets as of November 11, 2022.

ChainCatcher News, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), stated in an interview with CNBC on Thursday that the agency's "new perspective" on Bitcoin spot ETF applications takes into account recent court rulings.Gensler said, "We have previously rejected some of these applications, but the D.C. Circuit Court has weighed in on this. Therefore, we are re-evaluating the issue based on the court's ruling."In August of this year, three judges from the U.S. Court of Appeals for the D.C. Circuit ruled that the SEC must re-examine Grayscale's application to convert its Bitcoin spot ETF. Last year, Grayscale sued the SEC after its conversion plan for its flagship fund GBTC was rejected. The court specifically pointed out the SEC's differential treatment of Bitcoin spot ETFs and futures ETFs.

ChainCatcher news, Ripple's Chief Legal Officer Stuart Alderoty responded on social media to the recent actions of the SEC, stating that the U.S. Securities and Exchange Commission (SEC) currently does not have the "right" to appeal, which is why they are requesting permission to file an "interlocutory" appeal. Ripple will submit a response to the court next week.ChainCatcher previously reported that the U.S. Securities and Exchange Commission stated on Wednesday that it has submitted a letter to the Southern District of New York seeking permission for an interlocutory appeal of the summary judgment in the Ripple Labs case.