On Monday (November 25), Bitcoin rebounded sharply to above $97,000. U.S. President-elect Donald Trump announced that pro-crypto hedge fund manager Scott Bessent would serve as the new Treasury Secretary. Republican Arkansas Congressman French Hill revealed that Hester Peirce, the U.S. Securities and Exchange Commission Commissioner who is regarded as the "mother of cryptocurrency," will take over as acting chairman of the U.S. Securities and Exchange Commission. Billionaire Elon Musk's company is said to have accepted Dogecoin payments, stimulating Dogecoin (DOGE) to surge by more than 15% in a single week.

U.S. Congressman broke the news: "The mother of cryptocurrency" will take over the U.S. Securities and Exchange Commission

Before the election, Trump promised to fire the current chairman of the U.S. Securities and Exchange Commission, Gary Gensler, on the first day of his inauguration on January 20, 2025. Gensler announced last week that he would step down after Trump took office.

French Hill, a Republican congressman from Arkansas, said in an interview with the cryptocurrency media that Hester may become the new acting chairman of the SEC. He said: "We look forward to the chairman of the SEC appointed by Trump. When Gensler leaves office on January 20 next year, the Republican Party will take over the position of acting chairman of the SEC. This may be Hester. She is likely to become the acting chairman of the SEC."

Hill criticized Gensler for letting the cryptocurrency ecosystem down by taking an “enforcement as regulation” approach to the cryptocurrency industry.

“Gensler’s understanding of the cryptocurrency industry is almost vague. The SEC cannot solve all the problems currently facing the U.S. cryptocurrency industry alone. Congress needs to work with the SEC to pass relevant laws to ensure fair law enforcement of digital assets in the future,” he pointed out.

In Hill's view, Hester is the right person to replace Gensler. It is worth noting that Galaxy Digital CEO Mike Novogratz also recently predicted that Hester may serve as Chairman of the U.S. Securities and Exchange Commission. He also believes that Robinhood General Counsel Dan Gallagher may be another potential candidate.

Hester has long been the most cryptocurrency-friendly regulator. She holds a liberal stance on cryptocurrency regulation and has been committed to promoting a clearer and more reasonable cryptocurrency regulatory framework. She is therefore known as the "Crypto Mom" ​​in the cryptocurrency community. With Trump's victory, she has been seen by the outside world as one of the top candidates to succeed the chairman of the U.S. Securities and Exchange Commission.

But Unchained reported earlier that four sources who are close to Hester or communicate with her regularly revealed that she has no intention of serving as chairman of the SEC and plans to leave the regulator after her term ends in June 2025. Three of the sources also said that Hester does not intend to serve as acting chairman of the SEC.

A spokesperson for Hester's office responded at the time: "The only thing Commissioner Hester is considering doing after leaving office is becoming a beekeeper, but she is a little hesitant."

Earlier, the Washington Post reported that possible 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 "Crypto Daddy" by the community.

Trump's big announcement: Pro-crypto Bessant takes over as Treasury Secretary

Forbes reported that Trump picked Bessant, a former chief investment officer for billionaire George Soros and founder of Key Square Capital Management who is an outspoken advocate of blockchain and digital assets, as Treasury secretary.

Bessant's nomination signals that the Trump administration's "new cabinet" will take a very different regulatory stance toward cryptocurrencies than the Biden administration, led by current Treasury Secretary Janet Yellen.

If ultimately confirmed, Bessant could add clarity to regulations and implement more favorable policies for the crypto industry — perhaps aimed at integrating digital assets into the financial mainstream. He has long been a vocal supporter of blockchain’s transformative potential, particularly in modernizing the financial system.

A Treasury Secretary and SEC Chairman who support cryptocurrency could pave the way for Bitcoin to become a strategic reserve asset. 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 emphasize the importance of Trump's new nominees and upcoming candidates.

Musk's company already accepts "Dogecoin payment"

Doge Designer, who has recently interacted frequently with Musk on Twitter, wrote in a post: "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 by building underground tunnel systems. The company's core project, Loop, is similar to an underground high-speed transportation system and uses Tesla vehicles for operation, so it is described as a "Tesla in a tunnel."

The company's Vegas Loop, which cost approximately US$47.5 million to build, officially opened at the Las Vegas Convention Center in mid-2021, and is planned to be expanded to airports, city centers and other important locations in the future.

After the news came out, Dogecoin soared, but the price fell on Monday, which may be related to the profit-taking of whales.

According to data from on-chain tracking agency Whale Alert on Sunday, a dormant address containing 740,283 Dogecoins, equivalent to approximately $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 its 50-day and 200-day exponential moving averages (EMAs), sending a bullish price signal.

A breakout above the November 22 high of $99,318 could see the bulls target $100,000. A move above $100,000 will push the market towards $120,000.

Conversely, a break below $95,000 could signal a drop to $90,000. A break below $90,000 could allow bears to target $87,500.

Bitcoin’s 14-day RSI reading is 78.65, which is in the overbought zone. The selling pressure may intensify to $99,318.