The former head of institutional sales at FTX, Zane Tackett, believes that the defunct exchange should relaunch and offer a token representing creditor claims.

This would allow creditors to price the assets held by FTX fairly and get exposure to the investments FTX had/has. Tackett suggested that the new exchange could offer a market for FTX claims based on one token per $1 lost, similar to Bitfinex’s BFX token offering.

Tackett also noted that the exchange should be resurrected with all the products it offered when it collapsed in November.

However, there are several barriers to the plan, including the use of recovered funds for creditors to finance the reboot. Tackett also highlighted that the success of FTX 2.0 would depend on how it is relaunched.

If it is run like a super-regulated, U.S.-based operation that doesn’t allow innovation, it is unlikely to succeed. However, if it is run like a crypto company and is able to be nimble, it could be successful.

The law firm representing FTX’s creditors has held several “reboot of exchange” meetings, and the company has examined the benefits and tax implications of restarting the exchange. Even John Ray III, the man installed to lead FTX following its bankruptcy filing, has mooted the idea of bringing FTX back from the dead.