Bitcoin (BTC-USD) continued to rise on Thursday after hitting the key $100,000 mark in a stunning rally fueled by the belief that President-elect Donald Trump’s administration will create a crypto-friendly regulatory environment.

Bitcoin has risen more than 40% since Trump’s presidential victory in November and has remained just below $100,000. At last check, the value was around $102,650 per token.

The token’s latest surge came late Wednesday after Trump nominated Paul Atkins as chairman of the Securities and Exchange Commission. Atkins was considered a crypto-friendly choice for this position.

Trump said Atkins, CEO of the founder of Pomak Global Partners and a former SEC commissioner, was “a proven leader for common-sense regulations.”

“He also recognizes that digital assets and other innovations are critical to making America greater than ever before,” Trump wrote on the social media platform Truth Social on Wednesday.

New York Sen. Kirsten Gillibrand, a Democrat, told Yahoo Finance on Wednesday that Atkins has the “right experience” to create federal crypto legislation.

“Atkins could definitely be a good SEC boss,” Gillibrand said (video above).

Investor optimism about crypto-friendly policies grew last month after the SEC announced that Chairman Gary Gensler will resign on January 20, the inauguration day of the president-elect.

Gensler led a crackdown on the industry during his time at the SEC. Wall Street had expected his successor to seek less regulation around cryptocurrencies.

“The new SEC chairman is expected to be more supportive of crypto,” said Owen Lau, managing director and senior analyst at Oppenheimer, in a recent interview with Yahoo Finance.

“It’s huge because it represents a dramatic regime shift from violating security laws to crypto capital,” he added.

Read more: Bitcoin breaks another record: is now the time to invest?

Based on Trump’s campaign promises, which include prioritizing the creation of a national Bitcoin supply, Bitcoin has been an important part of Trump’s trade.

Reports that Trump’s transition team is discussing the possibility of an initial White House role or a “crypto czar” to oversee Bitcoin policy have also sent the token higher.

Meanwhile, the Financial Times reported last month that Trump Media & Technology Group (DJT) is in advanced talks to acquire crypto trading firm Bakkt (BKKT), a merger that could further boost initiatives within the industry.

Bitcoin spot exchange-traded funds have also seen massive inflows recently, helping drive prices higher. Options tied to BlackRock’s spot Bitcoin ETF (IBIT) also began trading on Nasdaq in November, driving additional trading activity in the crypto space.

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