Bitcoin (BTC) shattered the $100,000 mark for the first time after newly elected President Donald Trump announced his new pick as chairman of the US Securities and Exchange Commission (SEC).
Trump has picked former SEC commissioner and current Patomak Partners CEO Paul Atkins to lead the regulatory agency, according to a new report from AP News.
As Trump says on Truth’s social media, according to AP:
“[Atkins] believes in the promise of robust, innovative capital markets that respond to investor needs and provide capital to make our economy the best in the world. He also recognizes that digital assets and other innovations are critical to making America greater than ever before.”
Additionally, Trump said he is a “proven leader in common-sense regulations.”
Atkins will replace Gary Gensler as chairman of the SEC. Gensler, who stepped down from the role last month, is known for his tough stance on crypto assets. Under his leadership, the SEC has taken several high-profile enforcement actions against prominent crypto companies, including Coinbase, Binance, Kraken, and Ripple Labs.
After serving as SEC commissioner from 2002-2008, Atkins believes there is too much market regulation, according to the report.
In 2022, while at Patomak, Atkins wrote a letter noting that as Americans become more familiar with crypto assets, they may become interested in purchasing them for their retirement plans.
News of the announcement caused the major crypto assets by market capitalization to take off, as BTC went from a low of $94,890 on December 4 to a high of $103,425, a new all-time high. It has since stabilized and is trading at $101,194 at the time of writing, a gain of 6.5% on the day.
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