Before either laughing or crying, do note that FTX filed for bankruptcy under Chapter 11.
Chapter 11 is a “reorganization” bankruptcy for businesses that allows them to maintain day-to-day operations while creating a plan to repay creditors.
Filing under Chapter 7 would have been a pure liquidation process, but Chapter 11 allows for a "reboot".
What is the difference between Chapter 7, 11 and 13?
This could, indeed, be the model to force some SEC clarity - and without SBF goofing around.
FTX: U.S. Authorities Seize Nearly $700 Million Of Sam Bankman-Fried’s Assets