Coinbase Lists Reserve Rights (RSR) Token Linked to SEC Chairman Paul Atkins

Coinbase is listing Reserve Rights (RSR), a two-token stablecoin platform aimed at creating a self-adjusting and collateral-backed stablecoin ecosystem. Following this announcement, Binance's 'smart money' traders are increasing their long-term positions on this altcoin.

Upcoming SEC Chairman, Paul Atkins, was an early advisor to RSR, but he no longer maintains any connection with the project. However, RSR speculators may be expecting some benefits from this old relationship.

Coinbase Listing RSR Creates New Excitement

RSR has been operating since 2019, with the goal of changing the stablecoin ecosystem. It is an ERC-20 utility and governance token supporting the Reserve Protocol, a two-token system designed to support and stabilize the Reserve stablecoin (RSV) at 1 USD. RSR, which is not a stablecoin, provides governance and reserve insurance for its partner.

The value of this asset peaked in 2021 but has been quiet since then until resurfacing in 2024. Today's Coinbase listing announcement has caused RSR to increase by nearly 10%.

Coinbase first announced they would list RSR less than three weeks ago. Coinbase listings typically cause token prices to surge, and this case is no exception.

However, an interesting side effect has also occurred. As the asset prepares to launch on Coinbase, top traders on Binance are showing a strong bullish position.

On Binance, the long/short ratio of top traders measures the proportion of overall open positions held long-term by the top 20% of accounts by margin balance. A long ratio of 65.48% means these "smart money" participants are strongly betting that the price will increase.

Meanwhile, in addition to the Coinbase listing, RSR is attracting attention due to its connection with upcoming SEC Chairman Paul Atkins. Although Atkins has disclosed his cryptocurrency investments and currently has no connection with RSR, he was an early advisor to the Reserve Rights Fund.

Since Atkins' confirmation hearing, RSR has impressively increased by 22%. Technically, he has not yet officially taken office as Chairman, but traders are clearly expecting positive developments.

Atkins has promised to bring cryptocurrency-friendly reforms, and this connection could disproportionately impact his former partners.

This does not mean anyone has accused Atkins of corruption to unfairly increase RSR's price. However, since becoming President, Trump family members have been involved in many controversial cryptocurrency deals. This precedent may be encouraging traders to believe in the importance of political relationships.

Currently, market narratives are very important in this industry. When Atkins officially begins his career as the new SEC Chairman, RSR may continue to receive indirect benefits.