Bitcoin surges to record high following election

Bitcoin jumped to a record high above $84,000 on Monday as cryptocurrency expectations continued to surge following the reelection of President-elect Trump, whose victory is being largely celebrated by the industry.

Bitcoin, the world’s largest cryptocurrency, was trading at just under $85,000, up by six percent, around 12:30 p.m. ET on Monday. This is more than double its value from the same time last year, when it traded at nearly $35,000.

The surge comes nearly a week after Tuesday’s general election, during which Trump and other pro-crypto down-ballot candidates were voted into office, paving the way for a new era in the industry.

Despite several scandals in recent years roiling the industry’s reputation in Washington in recent years, digital currencies have increasingly gained prominence among federal lawmakers and some executive officials.

The president-elect shifted his tone on crypto on the campaign trail this year and pledged to put an end to what he calls the “unlawful and unAmerican crypto crackdown.”

Cryptocurrency exchange Coinbase chief policy officer Faryar Shirzad told The Hill last week the president-elect has a “very ambitious and optimistic position on crypto.”

Coinbase’s stock was up by more than 20 percent Monday.

The company took a leading role in the industry’s political engagement this election cycle, contributing $70.5 million to the Fairshake super PAC this cycle. It said last month plans to give another $25 million to Fairshake for the next cycle.

Those in the industry are expecting a friendlier approach to crypto than the Biden administration, which has faced criticism for its more hardline approach to digital currencies.

The criticism has largely focused on the leadership of Securities and Exchange Commission (SEC) Chair Gary Gensler, whom Trump pledged to fire once back in office.

His victory over Vice President Harris was largely seen as a win for the cryptocurrency world, with many perceiving it as a near guarantee Gensler could be pushed out of the role.

Despite his pledge to “fire” Gensler, the SEC is an independent federal agency, meaning its commissioners are protected from being removed without cause. The reasoning is supposed to be based on law and policy considerations, not political influence.

Trump cannot force Gensler to step down as a commissioner, though he can name a new interim SEC chair once he is inaugurated in January, CoinDesk reported.

The former president can also nominate a new commissioner to the Senate, which flipped to Republican control last week, boosting the chances the nomination would be confirmed in the upper chamber.

Trump and his sons also launched a new cryptocurrency platform in September called World Liberty Financial.

Meanwhile, the crypto industry also celebrated the victory of Sen.-elect Bernie Moreno (R-Ohio), a businessman who successfully ousted Sen. Sherrod Brown (D-Ohio). Pro-crypto PACs spent tens of millions of dollars backing Moreno.

He was endorsed by Trump and touted a pro-crypto approach on the trail, pledging to “defend” digital currencies against crypto-critical regulators and policies of the SEC.