FTX’s Native FTT Token Rallies By 90% Following Gensler’s Comment

TL;DR

• FTT rallied by 90% on Thursday following Gensler’s comment.

• The SEC chair said investors could reboot FTX but must do so within the law.

FTT Outperforms Major Cryptocurrencies

FTT, the native token of the bankrupt cryptocurrency exchange FTX, surged by more than 90% on Thursday following comments from U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler.

Gensler warned that if anyone wants to get involved in crypto, they must do so within the law. His comment comes following several bids to reboot the now-defunct FTX cryptocurrency exchange. 

Tom Farley, former president of the New York Stock Exchange, is looking to purchase FTX. when asked about it, Gensler said,

"If Tom or anybody else wanted to be in this field, I would say, 'Do it within the law.' Build the trust of investors in what you’re doing and ensure that you’re doing the proper disclosures, and also that you’re not commingling all these functions, trading against your customers. Or using their crypto assets for your own purposes."

The comment saw FTX rally to the $2.385 level on Thursday and is currently trading at $2.97 per coin. There are several groups currently interested in acquiring FTX after its founder, Sam Bankman-Fried, received a guilty verdict on seven criminal charges a week ago.