Member Alleged to Be SEC Chair Makes Statement About Cryptocurrencies

Bitcoin reached an all-time high today, rising above $86,000, as the post-election rally continues following President-elect Donald Trump’s victory.

The BTC price rally above $86,000 marks a 20% increase since November 6, when Trump defeated Vice President Kamala Harris.

The price rally was fueled by market optimism that the Trump administration will adopt a crypto-friendly regulatory stance, as both Trump and Harris signaled during their campaigns. Many traders now expect the U.S. government to support digital assets with more favorable regulations.

“Bitcoin speculators are confident of a cleaner regulatory environment and have the expectation that authorities could create a reserve crypto fund that will help fuel ongoing demand,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

Bitcoin’s record-breaking rally has dealt a blow to investors in the fall of digital asset funds. Investors who shorted the largest Bitcoin exchange-traded fund, the iShares Bitcoin Trust ETF, have lost about $37 million since Election Day as the ETF followed Bitcoin’s upward momentum.

Trump had promised during his campaign to make the US the “crypto capital of the planet” and the “Bitcoin superpower of the world.” He has also proposed sweeping policy changes, including potentially replacing SEC Chairman Gary Gensler, known for his aggressive regulatory stance on digital assets. Trump could simply remove Gensler from his chairmanship, while Gensler could continue as SEC commissioner until his term ends in 2026.

Trump’s proposed crypto advisory board and supportive stance on digital assets are a stark contrast to Gensler’s tenure. SEC Commissioner Mark Uyeda, one of the agency’s two Republican commissioners, is likely to become acting chairman under Trump. Uyeda has suggested that enforcement actions related to registration issues be paused until clearer regulations are created.

“The agency’s war on crypto must end, including crypto enforcement actions based solely on failure to register without allegations of fraud or harm,” Uyeda told FOX Business. “President Trump and American voters have sent a clear message. The SEC is tasked with fulfilling this mandate starting in 2025.”

*This is not investment advice.