Several cryptocurrency stocks gained, while bitcoin surged ahead, following President-elect Donald Trump’s Wednesday announcement nominating Paul Atkins as chair to the Securities and Exchange Commission (SEC), according to multiple reports.
The premarket trading session on Thursday revealed “substantial gains” for multiple companies with exposure to cryptocurrency, according to Investing.com. Riot Platforms saw a 6% uptick in its shares, Bit Digital’s shares increased by 5%, MARA Holdings’ stock climbed by 5% and MicroStrategy saw a 8% increase in shares, according to data collected by Investing.com.
Bitcoin, the first and most widely traded cryptocurrency, topped $100,000 for the first time ever late Wednesday following Atkins’ SEC chair nomination. The cryptocurrency was at $102,885.41 as of Thursday morning, according to Yahoo Finance. Bitcoin has soared since Trump won reelection, climbing from $69,335 at market close on Election Day to $75,621 at market close on Nov. 6, according to data from CoinGecko. The crypto market overall has jumped by roughly $1.3 trillion since Nov. 5, according to the Financial Post.
Atkins is the CEO of Patomak Global Partners and previously served as an SEC commissioner. He has been a vocal supporter of the crypto industry and has co-chaired the Token Alliance, which represents the interests of the crypto sector, since 2017. He also favors lighter regulation in the banking industry, according to Politico.
The current SEC chairperson, Gary Gensler, said in November that he plans to step down once Trump returns to office in January 2025. Under Gensler, the SEC brought actions against individuals involved in the crypto industry for fraud, among other violations, according to the Associated Press (AP). Gensler has faced criticism for his crypto enforcement agenda, including from a federal judge who in March accused the SEC of acting in “bad faith” regarding a lawsuit brought against a Utah-based crypto company.
“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again,” Trump said Thursday in a post to Truth Social after announcing his pick for SEC chair.
While on the campaign trail, Trump vowed to make America the “crypto capital of the planet,” according to the AP; his campaign also accepted Bitcoin donations. The U.S. stock market also surged following Trump’s election victory.
“If crypto is going to define the future, I want it to be mined, minted and made in the USA,” Trump said while speaking at the Libertarian convention in May, CNN reported.
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