Bitcoin Soars After Trump Names Paul Atkins To Lead SEC

President-elect Donald Trump named Paul Atkins to lead the Securities and Exchange Commission (SEC), his latest move to fill key financial roles in the next administration. 

Atkins, CEO of Washington, D.C.-based consulting firm Patomak Global Partners, was an SEC Commissioner under former President George W. Bush and has worked lately on issues related to digital assets—a subject expected to be a focus of the incoming Trump administration.

“Paul is a proven leader for common sense regulations,” Trump wrote Wednesday on the Truth Social platform. “He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”

Bitcoin Tops $100K For First Time

The news lifted the price of bitcoin above $100,000 for the first time ever. The cryptocurrency was recently trading at around $103,000, up from below $95,000 before the announcement..

The SEC is broadly responsible for oversight of financial markets and investor protection. Atkins, who would require Senate confirmation, would succeed Gary Gensler, who last month said he would step down in January. 

Trump recently named billionaire hedge-fund manager Scott Bessent his pick for Treasury Secretary and Cantor Fitzgerald CEO Howard Lutnick to lead the Commerce Department. Media reports have also suggested that Trump is considering possible replacements for Fed Chair Jerome Powell. 

Trump likely would have the opportunity to replace several SEC commissioners whose terms are set to expire during his administration. 

UPDATE: This article has been updated to include the latest price of bitcoin.