Hedera Hashgraph (HBAR) Rallies to 6-Month High on SEC Chair Speculation

Hedera Hashgraph [HBAR] surged to its highest price since late April, following speculation that a member of Hedera's board could be in line to become the next Chair of the U.S. Securities and Exchange Commission (SEC).

Hedera Hashgraph [HBAR] enjoyed a price surge to its highest point since April, following rumors that a member of Hedera’s board could be next in line to chair the U.S. Securities and Exchange Commission (SEC).

Earlier, AMBCrypto had covered Donald Trump’s supposed plans to replace Gary Gensler. Now, Brian Brooks, former CEO of Binance.US, has been named among candidates being considered to succeed Gensler.

The race for the next SEC chair heats up

News of Brooks' potential nomination was first reported by FOX Business journalist Eleanor Terrett on X (formerly Twitter). She revealed that Brooks was being considered for “various financial agency roles.”

In addition to the Commodity Futures Trading Commission (CFTC), he was vetted for roles at the SEC, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC). He was also considered for roles at the Financial Stability Oversight Council (FSOC), the Financial Industry Regulatory Authority (FINRA), and the Federal Reserve.

Brooks' nomination would mark a significant change in direction for the SEC, especially for the cryptocurrency sector. As former Acting Director of the OCC under the Republican administration, Brooks was a champion of blockchain innovation, stablecoin regulation, and encouraging banks to explore blockchain technologies.

Now, this latest news has brought optimism to blockchain enthusiasts about a potentially favorable regulatory landscape under his leadership.

HBAR’s market condition

The market reacted strongly to the news, with HBAR’s price spiking to $0.15 — its highest point in over six months. At press time, it had adjusted to $0.14.

The token secured the third spot among both daily and weekly gainers, with a 16% increase over 24 hours and a massive 148% rise over the past seven days, according to CoinMarketCap data.

However, AMBCrypto's analysis showed that HBAR was overbought on the daily chart. The price candles were positioned above the expanding Bollinger Bands. This indicated high volatility and increased the possibility of a near-term correction.

Moreover, the CMF registered a slight decrease to 0.33. This signaled reduced buying pressure, further adding to the potential for a pullback.

If a correction does occur, $0.09 could likely serve as support for the price. A drop below this level could see the price drop as far as $0.06.

Failure to hold at this level could indicate a trend reversal. Moreover, if the bearish momentum intensifies, further downside targets at $0.05 and $0.04 could be tested.

Despite the risks of a short-term correction, other market indicators suggested a bullish outlook.

According to previous AMBCrypto analysis, increasing Open Interest(OI) and DeFi Total Value Locked (TVL) supported the possibility of price growth for HBAR.

A new age for crypto

Amid these latest developments, Brooks shared his thoughts on X, highlighting the groundwork already laid for the new SEC chair:

“Whoever @realDonaldTrump appoints as SEC chair won’t be starting from scratch. In his last administration, President Trump built the infrastructure for two ATH cycles.”

As speculation continues, both the cryptocurrency market and the regulatory circles await confirmation of the next SEC Chair, with Brooks at the center of attention.