In summary
- Hedera (HBAR) price rose 29% on rumors that Brian Brooks could replace Gary Gensler in the SEC.
- Cryptocurrency traders were excited by rumors about Brooks, a current Hedera board member, and his possible role at the SEC.
- The increase in HBAR price was driven by interest generated by speculation, even though the rumors were not confirmed.
Imagine the price action if Securities and Exchange Commission (SEC) Chairman Gary Gensler joined the board of a cryptocurrency project.
Well, maybe that’s not plausible. But cryptocurrency traders have been excited by rumors that a current cryptocurrency board member could be in line to replace Gensler at the SEC.
Hedera’s HBAR token price is up 29% in the last day on rumors that board member Brian Brooks, who was briefly CEO of Binance.US, has been shortlisted to take over as boss of the SEC. At the time of writing, HBAR is trading at $0.1435, according to data from CoinGecko. It has managed to rise 159% in the last week, but is still far from its September 2021 all-time high of $0.5692.
The SEC rumor emerged in a Twitter message from a Fox Business reporter, who said an anonymous source told her that Brooks is in line for “several roles at financial agencies in addition to the CFTC.”
The rumor has not been confirmed and Brooks did not immediately respond to a request for comment from Decrypt.
Brooks is a lawyer, banker and, most recently, a board member of the Hedera HBAR Foundation. He is also a former government official, although it was a very brief tenure.
He succeeded Joseph Otting as Acting Comptroller of the Currency from May 29, 2020 to January 14, 2021. However, he did not achieve a full 5-year term, despite President Trump nominating him twice during his term. first mandate.
At the time, Senators Elizabeth Warren (D-MA) and Sherrod Brown (D-OH)—who, it should be noted, just lost her seat—were vocal in saying that Brooks would favor corporate interests and cryptocurrency companies too much.
“Shortly after former Acting Comptroller Brian Brooks left the OCC to join Binance, a cryptocurrency exchange, several non-traditional firms specializing in digital and cryptographic activities—including Paxos, Protego, and Anchorage—received conditional national trust letters. of the OCC,” Brown wrote in a letter.
HBAR was already on the rise after Canary Capital filed an S-1 registration with the SEC to offer its Canary HBAR ETF. Canary Capital is a US-based digital asset investment firm founded by Steven McClurg, formerly of Valkyrie.
Canary has been quite busy with its cryptocurrency investment product introductions this year. The firm has also filed S-1 filings to offer investors Litecoin and Solana ETFs.
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