RSR Token Surges 13.6% After Coinbase Listing, SEC Chairman Appointment

The Reserve Rights (RSR) token, a governance token for the Reserve Protocol stablecoin, experienced a significant surge of 13.6% following the announcement by Coinbase that it would list the token. This increase brought the token to a near two-month high of $0.00835. The listing was scheduled to take place on April 22 at 9 am Pacific Time (4 pm UTC) on the Ethereum layer-2 network Base. The RSR token is designed to ensure the stability of the Reserve Protocol’s stablecoin, Reserve Dollar (RSV).

The surge in the RSR token's value can be attributed to two key factors. Firstly, the listing on Coinbase, one of the largest cryptocurrency exchanges, provided a significant boost to the token's visibility and accessibility. Secondly, the news of Paul Atkins being officially sworn in as the SEC chairman on April 21 added to the positive sentiment surrounding the token. Atkins, who was an early adviser for the stablecoin firm around the time it launched in 2019, is expected to take a more crypto-friendly approach in his role as SEC chairman. This expectation has likely contributed to the increased interest and investment in the RSR token.

Prior to Atkins' swearing-in, the RSR token had already risen by double digits to around $0.0081. This indicates that the market had already begun to anticipate the positive impact of Atkins' appointment on the cryptocurrency sector. Atkins' focus on ensuring the US is the "best and most secure place in the world to invest and do business," while also ensuring sufficient consumer protection measures are in place, has been well-received by the crypto community. This is evident in the surge of the RSR token following his appointment.

Atkins takes over from Mark Uyeda, who has been the SEC’s acting chair since January 20, when former chair Gary Gensler stepped down. Since the return of US President Donald Trump to office, the SEC has created a Crypto Task Force to consult with the industry on regulation and has dropped several crypto-related investigations and enforcement actions undertaken by the Gensler-led SEC. This shift in approach is expected to create a more favorable regulatory environment for cryptocurrencies, which has likely contributed to the increased interest in the RSR token.