Bankruptcy filings: FTX CEO John J. Ray III, who oversaw Enron, condemns SBF’s “unprecedented” management, describing a “complete failure of corporate controls” (Jack Schickler/CoinDesk)

Stephanie Murray / The Block:
John Ray III tells the House that FTX has a “paperless bankruptcy” due to an “unprecedented” lack of documentation, FTX and Alameda were not distinct, and more  —  – New FTX CEO John Ray III said top executives at FTX had “free rein” over the company’s many entities.

Nikhilesh De / CoinDesk:
Bankruptcy filings: FTX CEO John J. Ray III appoints new directors, discloses conversations with “dozens” of regulators, and estimates creditors at over 1M  —  FTX filed its first substantive look at the exchange’s bankruptcy process days after declaring bank

Stephanie Murray / The Block:
SBF says John Ray III is not working with him or responding to messages, claims Ray made false statements, and dodges questions on Alameda and loaning funds  —  – Sam Bankman-Fried is taking aim at John Ray, the new CEO of FTX, claiming he’s been iced out after the firm filed for bankruptcy protection.

Jack Schickler / CoinDesk:
A leaked draft of the EU’s Markets in Crypto Assets legislation urges a “substance over form” enforcement approach, meaning the rules could apply to some NFTs  —  A leaked draft of the text, reviewed by CoinDesk, shows the rules could apply to fractionalized NFTs.

Lauren Forristal / TechCrunch:
Source: creators that use Snapchat’s TikTok clone Spotlight will now be paid millions per year, down from millions per week in 2021 and $1M per day in 2020  —  Snapchat has changed the way it pays creators through its Spotlight reward fund.  Creators that use Snapchat’s TikTok clone …

Manya Saini / Reuters:
The US SEC will set up the “Office of Crypto Assets” to deal with corporate disclosure filings related to the crypto industry  —  The U.S. securities regulator will set up two new offices to deal with filings related to crypto assets and the life sciences sector, the agency said on Friday.