As speculation about the next chairman of the US Securities and Exchange Commission (SEC) heats up, potential candidates, including one from Hedera’s (HBAR) board of directors, are emerging in the context of President-elect Donald Trump’s plans for regulatory change.
Brooks Leads Race For SEC Chair
Among the names surfacing is Brian Brooks, the former CEO of Binance.US and a current board member of the Hedera protocol. However, according to FOX journalist Eleanor Terret, Brooks is being considered for various roles across financial regulatory agencies.
Terret revealed that Brooks is being evaluated for roles at the SEC and the Commodity Futures Trading Commission (CFTC), among others.
Other agencies that may see new leadership include the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Financial Industry Regulatory Authority (FINRA), the Financial Stability Oversight Council (FSOC), and the Federal Reserve.
On this matter, prediction market Kalshi has identified Brooks as the frontrunner for the SEC chair position, giving him a 41% chance of being appointed.
Brooks currently leads this race, which also include Dan Gallagher, Chief Legal Officer at Robinhood, and current SEC commissioner Mark Uyeda, both of whom are also viewed favorably by crypto investors.
Hedera’s HBAR Breaks Out
This speculation has had a notable impact on the market, particularly for Hedera’s native token, HBAR. The token has surged dramatically, trading at approximately $0.1413, reflecting gains of 57% over the past 24 hours and a 145% increase over the past week.
Market expert Shawn recently noted on social media site X (formerly Twitter), that around $3 billion worth of Hedera’s native token has been purchased in the last day, contributing to this bullish momentum.
Shawn has been vocal on social media about HBAR’s potential, suggesting that the token has established key support at the $0.1365 level, which he describes as a critical point for future price movements.
The expert also anticipates that if HBAR can break through the $0.18 resistance level and stabilize around $0.21, it could reach new all-time highs by mid-December. Looking further ahead, Shawn projects a target price of $1.12 for HBAR by March 2025.
Highlighting the importance of current price levels, Shawn expressed confidence in HBAR’s ability to build another support at 14 cents, similar to previous successful consolidations at 9 and 13 cents.
Shawn asserts that this stable foundation could allow HBAR to test the $0.1565 mark without significant resistance, and he suggested that a breakout could occur as the market continues to react positively to developments in the regulatory landscape.
Despite the current uptrend, the Hedera price is trading 76% below its all-time high of $0.5692, which was reached during the broader bull run on September 15, 2021, over three years ago.
Featured image from DALL-E, chart from TradingView.com