FTX does not have to make an announcement in advance before selling its crypto holdings to avoid affecting the market, but it will keep the U.S. trustee’s right to know privately.

Odaily News FTX has revised some of the content of its proposal to sell billions of dollars in crypto assets in an attempt to alleviate concerns raised by the U.S. Trustee (The US Trustee), the bankruptcy division of the U.S. Department of Justice, in a filing on Tuesday. In the proposal, FTX still does not have to issue a transaction announcement in advance, considering the impact of the transaction on the market. The U.S. Trustee initially opposed FTX’s plans, saying any intention to sell Bitcoin or Ethereum should be given as much notice as possible in advance to give other interested parties an opportunity to object. In the compromise, FTX agreed to privately keep the committee representing the exchanges creditors and the U.S. Trustee informed. (CoinDesk) According to previous news on September 10, FTX submitted a motion to sell, pledge and hedge more than US$3 billion in crypto asset positions in August. As reported by Unchained Crypto, a hearing on the motion regarding FTX’s proposed plan is scheduled for September 13. In court documents filed on September 7, the U.S. Trustee objected to FTX’s proposed plan. As of April, FTX exchange held $3.4 billion worth of cryptocurrencies. Under the proposed plan, FTX would sell up to $200 million worth of cryptocurrency per week.