Bitcoin rose above US$100,000 for the first time after digital-asset proponent Paul Atkins was selected by US president-elect Donald Trump to lead the Securities and Exchange Commission.
The world’s largest cryptocurrency was last up 3 per cent at US$101,000, following a more than 40 per cent advance since Trump’s November 5 election victory. Trump has pledged to undo a Biden administration crackdown on digital assets.
“Whether it was Paul Atkins or someone else, as long as it isn’t the status quo,” said Ed Chin at Parataxis.
If confirmed, the former Republican SEC commissioner is expected to focus on whittling away at regulations and levying lower penalties for violations. Recently, Atkins has been a strong proponent of digital assets and fintech companies.
On Wall Street, there are growing indications of more willingness to engage with the controversial market.
“Atkins is about as great of an SEC chair for crypto as possible,” said Travis Kling at Ikigai. “He has strong libertarian leanings and an expressed mandate from Trump to be highly supportive of crypto, which I fully expect he will be.”
