FTT, the native token of the defunct cryptocurrency exchange FTX, has experienced a significant surge of 90% in value. This increase follows comments made by Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), regarding the potential revival of the exchange. When questioned about the possibility of Tom Farley, the former president of the New York Stock Exchange, acquiring FTX, Gensler stated that anyone entering this field should operate within the confines of the law. He emphasized the importance of building trust with investors, ensuring proper disclosures, and avoiding conflicts of interest.
Several groups are reportedly vying to take over FTX after its founder, Sam Bankman-Fried, was found guilty on seven criminal charges last week. The recent speculative rally in FTT suggests optimism for further gains if FTX 2.0 receives approval. However, it is uncertain whether a native token will be utilized in the relaunched exchange. CoinMarketCap reports that FTT is currently trading at a seven-month high of $2.30, with a trading volume surpassing $300 million in the past 24 hours.
Despite the positive sentiment surrounding a potential relaunch, some institutional traders have expressed concerns about the platform earlier this year. They cited issues with poor latency and numerous technical problems. It is crucial for any new iteration of FTX to address these concerns and provide a seamless trading experience for its users.
In conclusion, FTT has experienced a substantial increase in value following comments from SEC Chairman Gary Gensler regarding the potential reboot of FTX. The surge in FTT’s price reflects optimism for the relaunch of FTX 2.0, although the use of a native token in the revived exchange remains uncertain. As various groups vie to take over FTX, it is important for the new management to address previous issues and provide a reliable and efficient trading platform for institutional and retail investors alike.
Edited by Stephen Alpher.