Bitcoin surged to $100,000 for the first time on Wednesday, hitting a new record after President-elect Donald Trump nominated Paul Atkins, a crypto advocate, to lead the SEC.

Atkins is expected to regulate cryptocurrency with a more lenient approach than current SEC chair Gary Gensler, who has been critical of the industry.

Bitcoin’s rise is part of a broader post-election rally, with the cryptocurrency up over 130% for the year, CNN has reported.

Trump, who once criticized crypto, has embraced it in recent months, launching his own crypto business and making moves to support the industry.

Written by B.C. Begley