Coinbase Chief Legal Officer Paul Grewal has expressed concern that the SEC has not clarified FTX's plan to repay creditors in stablecoins or other cryptocurrencies. Grewal's comments were in response to a filing Friday in which the SEC reserved its right to approve FTX Trading Ltd.'s joint bankruptcy protection plan in the U.S. Bankruptcy Court for the District of Delaware. Grewal said on social media platform X on Sunday: "The SEC has not stated outright that this conduct is illegal. He referred to language used by the securities regulator in a court filing, in which the SEC wrote:" The SEC has not commented on this conduct: Under federal securities laws, the Securities Exchange Commission does not comment on the legality of transactions outlined in the plan and reserves the right to challenge transactions involving crypto assets.