FFT, the native token of the now-defunct cryptocurrency exchange FTX has experienced a remarkable 90% surge in value following remarks made by Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC). Gensler emphasized the importance of adhering to legal frameworks in the crypto space, cautioning potential investors to operate “within the law” amid efforts to revive FTX.
Addressing inquiries about Tom Farley, the former president of the New York Stock Exchange, and his potential interest in acquiring FTX, Gensler asserted, “If Tom or anybody else wanted to be in this field, I would say, ‘Do it within the law.'” He further advised building investor trust through transparent practices, proper disclosures, and avoiding conflicts of interest such as trading against customers or misusing their crypto assets.
In the aftermath of last week’s trial, where FTX founder Sam Bankman-Fried received a guilty verdict on seven criminal charges, multiple groups are reportedly vying to take control of FTX. The recent surge in the native token’s value suggests optimism for potential gains if FTX 2.0 receives approval. However, uncertainty lingers regarding the use of the native token in a re-launched exchange.
FTT, the native token, is presently trading at a seven-month high of $2.30, and its trading volume over the last 24 hours has surpassed $300 million, according to CoinMarketCap.
Despite the positive outlook for a potential relaunch, concerns have been raised by institutional traders earlier this year, citing issues such as poor latency and numerous operational challenges associated with the platform.
