On Monday (November 25), Bitcoin surged violently above $97,000. US President-elect Donald Trump announced that crypto hedge fund manager Scott Bessent will serve as the new Treasury Secretary, and Arkansas Republican Congressman French Hill revealed that Hester Peirce, known as the "Crypto Mom" of the US Securities and Exchange Commission (SEC), will take over as acting SEC chairman. Billionaire Elon Musk's company is said to have started accepting Dogecoin payments, boosting Dogecoin (DOGE) by more than 15% in a single week.
US Congressman Reveals: "Crypto Mom" to Take Over the SEC
Trump promised before the election that on January 20, 2025, the day he is sworn in, he will fire the current SEC chairman Gary Gensler, who has already announced that he will step down after Trump takes office.
Arkansas Republican Congressman French Hill said in an interview with a crypto media outlet that Hester is likely to become the new acting SEC chairman. He said: "We look forward to the SEC chairman appointed by Trump, and when Gensler steps down in January 2025, the Republicans will take over the position of acting SEC chairman, which could be Hester, and she is likely to become the acting SEC chairman."
Hill criticized that Gensler has disappointed the crypto ecosystem, using an "enforcement-as-regulation" approach to deal with the crypto industry.
"Gensler's understanding of the crypto industry is almost vague, and the SEC alone cannot solve all the problems currently facing the US crypto industry, Congress needs to work with the SEC to enact relevant laws to ensure fair enforcement of future digital assets," he pointed out.
In Hill's view, Hester is a suitable replacement for Gensler, and it is worth noting that Galaxy Digital CEO Mike Novogratz has also recently predicted that Hester may serve as SEC chairman, and he believes that Robinhood's general counsel Dan Gallagher may be another potential candidate.
For a long time, Hester has been the most crypto-friendly regulatory official, holding a liberal stance on crypto regulation and constantly working to promote a clearer and more reasonable crypto regulatory framework, and is therefore known as the "Crypto Mom" in the crypto circle.
However, Unchained reported earlier that four sources close to or in regular contact with Hester revealed that she has no intention of serving as SEC chairman and plans to leave the regulatory agency after her term expires in June 2025, and three of the sources also said that Hester does not intend to serve as acting SEC chairman.
A spokesperson for Hester's office at the time responded: "The only thing Hester Commissioner is considering doing after leaving office is becoming a beekeeper, although she is also a bit hesitant."
Previously, The Washington Post reported that the potential candidates to lead the SEC, in addition to Hester, include Dan Gallagher, SEC Commissioner Mark Uyeda, former SEC Commissioner Paul Atkins, and former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo, who is nicknamed the "Crypto Dad" by the community.
Trump's Major Announcement: Crypto-Friendly Bessent to Become Treasury Secretary
Forbes reported that Trump has chosen Bessent as Treasury Secretary. Bessent previously served as chief investment officer for billionaire George Soros and as founder of Key Square Capital Management, and he is an outspoken advocate of blockchain and digital assets.
Bessent's nomination signals that the Trump administration's "new cabinet" will take a very different stance on crypto regulation from the Biden administration led by current Treasury Secretary Janet Yellen.
If ultimately confirmed, Bessent could bring more regulatory clarity and implement more favorable policies for the crypto industry - likely aimed at integrating digital assets into the financial mainstream. He has long been a strong supporter of the transformative potential of blockchain, especially in modernizing the financial system.
A crypto-friendly Treasury Secretary and SEC chairman could pave the way for Bitcoin to become a strategic reserve asset. The US Congress, the Federal Reserve, the Treasury Department, and the President must approve Bitcoin as a strategic reserve asset. In addition, the SEC and CFTC must develop clear regulatory guidelines, and the importance of Trump's new nominees and the upcoming candidates is emphasized.
Musk's Company Has Already Accepted "Dogecoin Payments"
Doge Designer, who has been interacting frequently with Musk on Twitter, posted that "Musk's Boring Company accepts Dogecoin payments, you can book a ride and pay with Dogecoin."
The Boring Company is a tunnel excavation and infrastructure development company founded by Musk, dedicated to solving urban traffic congestion through the construction of underground tunnel systems. The company's core project Loop is a underground high-speed transportation system using Tesla vehicles, and is thus described as "Tesla in the tunnel".
The company's Vegas Loop, which cost about $47.5 million to build, officially opened at the Las Vegas Convention Center in 2021, and there are plans to expand it to the airport, downtown, and other important locations.
After the news broke, Dogecoin soared, but the price fell back on Monday, possibly due to whales taking profits.
According to data from on-chain tracking platform Whale Alert on Sunday, a dormant address containing 740,283 Dogecoin, worth about $320,091, was activated after 10.9 years.
Bitcoin Technical Analysis
FXEmpire analyst Bob Mason said that despite the weekend pullback, Bitcoin remains firmly above the 50-day and 200-day exponential moving averages (EMAs), sending a bullish price signal.
Breaking above the November 22 high of $99,318, the bulls may target $100,000. A break above $100,000 would drive a move to $120,000.
Conversely, a drop below $95,000 could signal a decline to $90,000. A break below $90,000 could see the bears target $87,500.
Bitcoin's 14-day RSI reading is at 78.65, in the overbought territory. Selling pressure may intensify up to $99,318.
