Notable Fox Business reporter Eleanor Terrett disclosed on Twitter that President-elect Trump is expected to announce the SEC chairman nominee as early as Wednesday. The Satoshi Action Fund announced the launch of a 60-day fundraising campaign for U.S. Bitcoin strategic reserve legislation, with the first $50,000 already matched.
SEC Chairman Gary Gensler has officially announced that he will leave his position on January 20, 2025, after Trump takes office. He has served as the 33rd chairman of the agency since April 17, 2021.
According to data from large cryptocurrency betting platform Kalshi, traders are betting that former SEC Commissioner Paul Atkins will succeed Gensler. After interviewing with Trump's transition team, Atkins' support rate has increased.
Atkins leads in polls with a 70% appointment probability, ahead of Brian Brooks, whose appointment probability is only 20% and has dropped to second place.
Crypto Briefing reported that if appointed SEC chairman, Atkins is expected to take a more balanced approach to cryptocurrency regulation.
Other candidates under consideration include current SEC Commissioner Mark Uyeda, Robinhood's chief legal officer Dan Gallagher, and former CFTC Chairman Heath Tarbert.
Trump's pre-election promise to support firing Gensler on his first day in office has now come to fruition. Immediately following, the crypto market is highly focused on whether he will establish a 'U.S. Bitcoin Strategic Reserve' as promised, as this would impact Bitcoin price trends.
Dennis Porter, CEO of the Satoshi Action Fund, announced: 'Launching an ambitious 60-day fundraising goal of $500,000. This funding will be used to advance 'strategic Bitcoin reserve' legislation and end Chokepoint 2.0, with the first $50,000 already matched.'
According to the fund's website announcement, the new fundraising aims to achieve three key goals:
1. Establish strategic Bitcoin reserves in multiple states: Legislators in 10 states are ready to introduce 'strategic Bitcoin reserve' legislation at the state level, which has helped Pennsylvania legislators propose a bill. By 2025, more legislators will join this movement, and the U.S. government will purchase Bitcoin in less than 6 months.
2. Pass Bitcoin Rights Legislation: We will continue to pass laws to protect your rights to mine, self-custody, and run nodes. Four of these bills have already been passed.
3. End Chokepoint 2.0: We are tirelessly working to end unfair banking practices against Bitcoin companies and ensure Bitcoin businesses can access secure and constitutionally protected banking services. The Satoshi Action Fund emphasizes it will not rest until this action is permanently closed.
In Texas, Porter stated he is 'discussing' how to help the state introduce a Bitcoin strategic reserve.
Pennsylvania has also passed a new (Bitcoin Rights Bill) and proposed the establishment of a strategic reserve. As states rush to purchase Bitcoin, this could lead to a 'scramble' situation, forcing other state government entities in the U.S. to join the blockchain.
