FTX token spikes 78% as SEC Chair says exchange reboot possible

November 09, 2023 02:45 AM PST | By Invezz

FTX token spikes 78% as SEC Chair says exchange reboot possible — Image source: Invezz

Why did FTX token price skyrocket today?

The FTX Token’s price increase coincided with Bitcoin’s jump above $36,800 amid fresh optimism over a potential spot ETF approval. However, there was another likely catalyst for FTT – comments on the potential rebooting of FTX.

On Wednesday, SEC chair Gary Gensler told CNBC in an interview that it was possible to restart FTX, noting this could be the case if it happened under a new leadership and within the law.

The SEC chair’s comments at the DC Fintech Week were in reference to reports that three bidders were in the running to revive the bankrupt crypto platform. Among the bidders is Tom Farley, former president of NYSE and the founder of digital asset platform Bullish.

Gensler noted that anyone, including Farley, interested in reopening FTX can do so provided it’s done “within the law.”

According to Gensler, the key to getting it right is to “build the trust of investors” and undertake all required disclosures. The new leadership should also ensure that they do not commingle funds and trade against their customers.

FTX’s collapse saw the founder and former CEO Sam Bankman-Fried charged and found guilty on seven accounts, including fraud. Meanwhile, the FTX bankruptcy team has hinted at a potential restart of the exchange amid action towards settling with creditors.

The post FTX token spikes 78% as SEC Chair says exchange reboot possible appeared first on Invezz

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