SEC chair’s nod to a lawful FTX revival sparks FTT token’s 90% rally

FTX's native token FTT surged 90% in 24 hours to a nine-month high of $2.33, following SEC Chair Gary Gensler's suggestion that the insolvent exchange could be revived under proper leadership. Gensler advised buyers to operate within the law and build investor trust.

FTX's efforts to revive are nearing completion, with three potential buyers reportedly in the running: Bullish, Proof Group, and Figure Technologies. The successful buyer could oversee FTX's operations after its expected bankruptcy exit in 2024. SEC scrutiny is expected.