FTT Token Soars 90% Following Gensler’s Remarks on FTX

FTX's FTT Token Jumps 90% on Gensler Comments

In a surprising turn of events, the native token of the now-defunct cryptocurrency exchange FTX, FTT, experienced a staggering 90% surge. This unprecedented spike followed a warning issued by the U.S. Securities and Exchange Commission (SEC) Chairman, Gary Gensler, emphasizing the necessity for individuals to engage in cryptocurrency activities strictly within the bounds of the law. The caution comes amidst a series of attempts to revive FTX, raising questions about the potential reentry of key players in the financial industry.

Gensler’s Caution to Crypto Aspirants: “Do it Within the Law”

Responding to speculations about Tom Farley, the former president of the New York Stock Exchange, being a potential buyer for FTX, Chairman Gensler underscored the importance of adhering to legal regulations. “If Tom or anybody else wanted to be in this field, I would say, ‘Do it within the law,'” Gensler stated. He further emphasized the need for trust-building measures, urging prospective participants to ensure proper disclosures and ethical practices to safeguard investors’ interests.

Read Also: Bitcoin Soars to $35,000 on the Back of Spot ETF Optimism

FTX Takeover Race Intensifies After Founder’s Guilty Verdict

Several groups are reportedly vying for control of FTX following the recent trial that saw the company’s founder, Sam Bankman-Fried, receiving a guilty verdict on seven criminal charges. The speculative rally in FTT indicates optimism surrounding the potential approval of FTX 2.0. However, uncertainties loom over the use of FTT as the native token in a relaunched exchange.

FTT Hits Seven-Month High Amidst Renewed Hope

FTT is currently trading at an impressive seven-month high of $2.30, accompanied by a substantial trading volume exceeding $300 million in the past 24 hours, according to CoinMarketCap. The surge in value reflects the market’s optimism about the prospects of FTX’s revival.

Read Also: SEC Chief Gensler: FTX Restart by Former NYSE Boss Possible Within Law

Institutional Traders Express Concerns Despite Optimism

Despite the positive market sentiment, a number of institutional traders have expressed reservations about the platform. Earlier in the year, concerns were raised regarding poor latency and operational issues. As FTX eyes a potential relaunch, addressing these concerns will be crucial to gaining wider support from the institutional trading community.

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About Victor Dsouza

Victor Dsouza is Crypto Journalist. He is keen to write about crypto tokens, crypto presale, you can follow him on twitter and LinkedIn.

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