Bitcoin Hits $99K As Donald Trump Replaces SEC Chair, Eyes Crypto Payments For Truth Social

Bitcoin prices have jumped by a whopping 40% since the US presidential election and are within striking distance of reaching the $ 100,000 mark, hovering above $99,000 on November 22. The digital token received a further boost as Trump fulfilled his campaign pledge to replace US Securities and Exchange Commission chair Gary Gensler, a move many crypto enthusiasts and top-level executives were looking forward to.

Although Bitcoin exchange-traded funds were approved under Gensler's tenure, he spent much of his time as SEC chair clashing with and filing lawsuits against top digital asset companies, including Coinbase. According to the SEC press release published yesterday, Gensler will resign on January 20, 2025. The move is expected to make way for a deeper relationship between the SEC and the crypto industry as Trump's new administration works to create the first-ever White House post for overseeing crypto policies.

Trump's Social Media Firm Exploring Crypto Payments Services

The President-elect's social media platform, Truth Social, could be dipping its feet in crypto as Trump Media & Technology Group filed a trademark application on November 18 for TruthFi, a crypto payments processing platform. The application was accepted by the Office but has yet to be assigned to an examining attorney. The application highlighted multiple applications for TruthFi, such as crypto payments processing, financial asset management and custody services, and digital asset trading.

Trump has embraced cryptocurrencies after initially rejecting them. During his campaign, he pledged to make America the "crypto capital of the planet" and develop a national crypto reserve when he takes Office in January. He is also expected to partner with regulators who are well-positioned to move the industry towards mass adoption while ensuring stringent security measures for investors and crypto exchanges.

Trump Media To Potentially Acquire Crypto Trading Platform Bakkt

Trump's media company is also reportedly in talks with Bakkt to acquire the crypto trading platform through an all-share purchase. While Bakkt shares jumped over 154% in the past five days to close at $31.10 on November 21, the company issued a statement this week that "it is aware of the rumours" of a potential takeover but clarified that it is the "company's policy not to comment on market rumours or speculation."

Sources highlighted that the Trump Media likely won't include Bakkt's crypto custody unit in the deal as it failed to gain popularity and incurred operating losses of $27,000 on revenues north of $328,000 in the three months through September 30. However, Bakkt is moving ahead with its plan to develop a crypto trading platform for institutional investors. Trump also has multiple crypto ventures, including the recently launched World Liberty Financial, which could offer financing to people rejected by traditional banks.

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