The newly appointed U.S. Securities and Exchange Commission (SEC) chair Paul Atkins claimed that the top priority in his tenure would be to ensure a clear regulatory foundation for digital assets, while addressing media in front of President Donald Trump. Bitcoin saw a sharp spike in its price, surging to $93,000, minutes after Atkin’s statements.

Atkin’s ascent to SEC chair comes after a highly turbulent and controversial tenure of former chair Gary Gensler under President Biden regime, who had built a reputation for allegedly targeting crypto businesses and exchanges. Atkins, a Bitcoin aficionado, is considered close to President Trump and his nomination to SEC chair is hailed as a major victory for the crypto industry.