Former NYSE Pres May Takeover FTX; Massive Liquidity for Alts Like $GFOX?
All investors remember the collapse of FTX – one of the largest financial frauds perpetrated in history. It killed the bull market. But how did FTX grow so large in the first place? The trading experience was excellent and it provided a superb on-ramp for liquidity into crypto- especially altcoins.
Former NYSE president Tom Farsley has joined the auction process and may take over FTX. A reboot just in time for the bull market? Strangely, this is overwhelmingly bullish and signals massive liquidity inflows for alts like Galaxy Fox ($GFOX). Could $GFOX be one of the best cryptocurrencies to buy before the rebirth of FTX?
Will Former NYSE President Relaunch FTX?
Three parties are currently engaged in the auction process to revive the disgraced FTX exchange. Tom Farley, former NYSE president, is one of these candidates and a favorite amongst the community due to his deep and hands-on regulatory experience.
Competition between the three parties shows an open competitive interest in reviving the exchange. Even Gensler weighed in, stating that under new leadership a revived FTX would be viable on the condition it adheres to regulatory guidance.
But why are markets excited? Farley’s experience and credibility are exactly what a new FTX would need. Sam Bankman-Fried did profound damage to retail investors’ perception of crypto. If Farley’s takeover and revamp is successful, it would go a long way in repairing this tarnished reputation.
The knock-on effects similarly should not be underestimated. A new complaint and experienced leader at the helm operating in line with regulation will help cement crypto’s regulatory status in the United States. And best of all for existing crypto investors, unlock liquidity channels directly
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