The price of Hedera's HBAR token has soared 29% in the past day following rumors that Brian Brooks – a board member of the HBAR Foundation and former CEO of Binance.US – could be on the shortlist to succeed Gary Gensler at the U.S. Securities and Exchange Commission (SEC). According to data from CoinGecko, the price is currently at 0.1435 USD, a 159% increase over the past week but still significantly lower than the all-time high of 0.5692 USD in September 2021.
Rumor Fuels HBAR Price Surge
The rumor originated from a tweet by a journalist from Fox Business, claiming that a source revealed Brooks could take on a leadership role at the SEC or other financial agencies, alongside the CFTC. However, this information has not been confirmed, and Brian Brooks has not yet made an official comment.
Notable Past of Brian Brooks
Brian Brooks is an American attorney who served as Acting Comptroller of the Currency at the Office of the Comptroller of the Currency (OCC) from May 2020 to January 2021. During his brief tenure in this position, he promoted favorable conditions for cryptocurrency companies, such as licensing organizations like Paxos, Protego, and Anchorage. However, Brooks faced heavy criticism from senators like Elizabeth Warren, who argued that he prioritized the interests of cryptocurrency companies over public protection.
ETF Effect Drives HBAR Price Up
Before this rumor, HBAR's price had surged significantly thanks to momentum from Canary Capital – a digital asset investment firm in the United States – filing an S-1 application with the SEC to launch an HBAR ETF. Canary Capital, founded by Steven McClurg (former Valkyrie director), is also planning related ETFs.
Market Expectations
The rumor of Brian Brooks potentially joining the SEC, along with the momentum from the HBAR ETF, has caused HBAR's price to surge sharply. Although there is no official confirmation, the optimism from the cryptocurrency community is driving expectations that HBAR may continue to attract attention and investment in the market.