Bitcoin (BTC) has reached a significant milestone, breaking the $100,000 mark for the first time. This surge in value came after President-elect Donald Trump announced his pick for the new chair of the U.S. Securities and Exchange Commission (SEC).
Trump has selected Paul Atkins, a former SEC Commissioner and current CEO of Patomak Partners, to lead the regulatory agency. In a statement on Truth social media, Trump emphasized Atkins’ belief in the importance of innovative capital markets that cater to the needs of investors and drive economic growth. He also acknowledged the role of digital assets in enhancing America’s economic competitiveness.
Atkins will be taking over from Gary Gensler, who recently stepped down as SEC Chairman. Gensler was known for his stringent approach towards crypto assets, leading the SEC to take enforcement actions against major crypto firms like Coinbase, Binance, Kraken, and Ripple Labs.
Having served as a SEC Commissioner from 2002 to 2008, Atkins has expressed concerns about excessive market regulation. In a letter written during his time at Patomak in 2022, Atkins highlighted the growing interest of Americans in crypto assets, suggesting that they may consider including them in their retirement plans.
Following the announcement of Atkins’ appointment, Bitcoin’s price surged from $94,890 to a peak of $103,425, setting a new all-time high. The cryptocurrency has since stabilized around $101,194, reflecting a 6.5% increase for the day.
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As the market continues to react to regulatory changes and key appointments, it’s essential for investors to stay informed and adapt their strategies accordingly. Keep an eye on the evolving landscape of digital assets and make informed decisions to navigate the dynamic world of cryptocurrencies.