The native token of the defunct cryptocurrency exchange FTX has increased by almost 140% throughout the last few days.
Following remarks made by SEC chairman Gary Gensler that the exchange might return provided it complies with regulations, FTT has increased in anticipation of the FTX possibly restarting. In an interview with CNBC on November 9, the SEC chairman advised anyone wishing to engage in such activity to “do it within the law.”
FTT was trading close to $1 over the previous few months, but according to Coinmarketcap data, it is currently trading above $2.8. Additionally, FTT’s volume has seen notable increases of over 100%.
Tom Farley, the head of the NYSE, is apparently among the parties interested in taking over the FTX exchange. The fact that FTX’s founder, Sam Bankman-Fried, was found guilty of fraud charges last week is another indication that the company may potentially revive.
In the interview, Gensler stated, “Create a trusting environment with investors by doing the right disclosures, building your credibility in the process, and not commingling all these functions, trading against your customers, or using their crypto assets for your own purposes.”