A governance token for the Reserve Protocol stablecoin, has surged over 13%

By: Alice G.output: A governance token for the Reserve Protocol stablecoin, launched by a firm previously advised by sworn-in SEC Chair Paul Atkins, has surged over 13%

The price of Reserve Rights (RSR) surged over 13% on Saturday after crypto exchange Coinbase announced that it will list the governance token for the Reserve Protocol stablecoin.

Atkins was an early adviser for the stablecoin firm around the time it launched in 2019, according to Reserve Protocol’s CEO Nevin Freeman. He is no longer consulting at the firm.

The Reserve Rights (RSR) token is the governance token aimed at ensuring the stability of the Reserve Protocol’s stablecoin, Reserve Dollar (RSV).

In an April 21 X post, Coinbase said it would list the RSR token on the Ethereum layer-2 network Base on April 22 at 9 am Pacific Time (4 pm UTC).

Atkins news bumps up RSR’s price even further

The Coinbase listing, combined with the news of Atkins officially being sworn in as SEC chair on April 21, pushed the token up 13.6% to a near two-month high of $0.00835 on April 22, CoinGecko data shows. Prior to Atkins being sworn in, RSR had already risen double digits to around $0.01.

It is currently the 143rd largest coin by market capitalization at $464 million.

Atkins said he will be focused on ensuring the US is the “best and most place in the world to invest and do business,” while ensuring sufficient consumer protection measures are in place.

It comes two weeks after the Senate confirmed Atkins as SEC chair in a 52-44 vote on April 9.

Related: Crypto in a bear market, rebound likely in Q3 — Coinbase

Atkins takes over from Mark Uyeda, who has been the SEC’s acting chair since Jan. 20, when former chair Gary Gensler stepped down.

Since US President Donald Trump returned to office, the SEC created a Crypto Task Force to consult with the industry on regulation and dropped several crypto-related investigations and enforcement actions undertaken by the Gensler-led SEC.

Atkins is expected to take a more crypto-friendly approach, telling a Senate confirmation hearing in March that a priority of his at the SEC would be to provide a firm regulatory foundation for crypto assets through a “rational, coherent and principled approach.”