Notable Fox Business reporter Eleanor Terrett revealed on Twitter Tuesday (December 3) that President-elect Trump is expected to announce the SEC chair nominee as soon as Wednesday. The Satoshi Action Fund announced a 60-day fundraising effort for U.S. Bitcoin strategic reserve legislation, with the first $50,000 already matched.
SEC Chair Gary Gensler has officially announced he will leave the position on January 20, 2025, after Trump takes office, having served as the agency's 33rd chair since April 17, 2021.
According to data from the large cryptocurrency betting platform Kalshi, traders are betting that former SEC Commissioner Paul Atkins will replace Gensler, as Atkins' support has risen after interviewing with Trump's transition team.
Atkins leads in polls with a 70% likelihood of appointment, ahead of Brian Brooks, whose appointment probability is only 20% and has dropped to second place.
Crypto Briefing reported that if appointed as SEC Chair, Atkins is expected to take a more balanced approach to cryptocurrency regulation.
Other candidates under consideration include current SEC Commissioner Mark Uyeda, Robinhood Chief Legal Officer Dan Gallagher, and former CFTC Chairman Heath Tarbert.
Trump's pre-election promise to support the firing of Gensler on day one of his inauguration has now come to fruition. This follows a high level of interest in whether he will fulfill his commitment to establish a 'U.S. Bitcoin Strategic Reserve', as this would impact Bitcoin price trends.
Satoshi Action Fund CEO Dennis Porter announced in a post: 'Launching an ambitious 60-day, $500,000 fundraising goal. These funds 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 objectives:
1. Establishing strategic Bitcoin reserves in multiple states: Legislators in 10 states are preparing to introduce 'strategic Bitcoin reserve' legislation at the state level, which has already helped Pennsylvania legislators propose a bill. By 2025, more legislators will join this movement, enabling the U.S. government to purchase Bitcoin in less than 6 months.
2. Through Bitcoin rights legislation: We will continue to advance laws that protect your rights to mine, self-custody, and run nodes, with 4 such bills already passed.
3. Ending Chokepoint 2.0: We are tirelessly working to end the unfair banking of Bitcoin companies and ensure that Bitcoin businesses can access secure and constitutionally protected banking services. The Satoshi Action Fund emphasizes that they will not rest until this action is permanently closed.
In Texas, Porter stated that 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 strategic reserves. As states rush to purchase Bitcoin, this could trigger a 'race to the top', forcing other state government entities in the U.S. to join the blockchain.
