The U.S. Securities and Exchange Commission (SEC) says that companies that issue securities have to disclose the risk posed to their business by the cryptocurrency market. This new rule comes amidst the fallout of FTX's collapse, including a bankruptcy filing revealing that the crypto company has more than one million creditors.

"As always, companies should evaluate whether they have experienced or may be affected by matters characterized as potential risks and, if so, update their disclosures accordingly," the agency wrote on its site.

Less than a week before the new guidance was announced, SEC Chair Gary Gensler pushed back against criticism of the agency's lack of protections for crypto customers. Gensler told reporters that, while the SEC had brought cases against some crypto platforms for misusing customer funds and intended to increase enforcement, it was the responsibility of the companies to "come into compliance".

In early November, growing suspicion that FTX had misused customer deposits was reportedly proven correct, and the exchange collapsed soon after. On Nov. 11, just four days after FTX founder and CEO Sam Bankman-Fried posted on Twitter claiming the company was "fine", FTX declared bankruptcy. Bankman-Fried is now under investigation by a number of government agencies and officials.

With the company previously listed amongst the largest crypto exchanges in the world, it's no surprise that FTX's failure has had a domino effect on several other major crypto companies, including the now-collapsed BlockFi. In addition to the companies and firms affected by the collapse, the FTX fiasco also impacted more than 100,000 customers.

According to a sample disclosure letter, the SEC's new rule means that companies will need to make public filings revealing their crypto assets and their exposure to FTX's collapse. Companies are also meant to disclose both direct and indirect material risks they could be subject to as a result of "excessive redemptions, withdrawals, or a suspension of redemptions or withdrawals, of crypto assets."

"In meeting their disclosure obligations, companies should consider the need to address crypto asset market developments in their filings generally," the SEC wrote in its announcement, "including in their business descriptions, risk factors, and management's discussion and analysis."