Bitcoin rebounded above $95,500 after President Donald Trump selected Paul Atkins as the new chair of the U.S. Securities and Exchange Commission.

President-elect Donald Trump is reportedly set on naming former SEC Commissioner Paul Atkins to replace outgoing chair Gary Gensler at the top of the federal securities watchdog, according to sources with inside knowledge on the matter.

Atkins has been a vocal supporter of the crypto industry, and many believe he could stem the scorched earth approach employed by the SEC during chair Gensler’s four years in charge. Ahead of Trump’s January inauguration, Gensler announced his resignation, much to the delight of blockchain proponents who felt hard done by his anti-crypto litigation agenda.

The general crypto social media consensus suggested that Atkins is well endorsed by industry leaders, who expect fresh SEC leadership under Trump’s administration.

Atkins was named as Trump’s preferred pick for the position over the past few weeks, and the President’s team even contacted the ex-SEC official to discuss the role. However, Atkins is hesitant to accept Trump’s offer, Coindesk reported.

Insiders reportedly noted Atkins was reluctant to undo Gensler’s mess, a stance shared by former Commodity Futures Trading Commission chair Chris Giancarlo, who was also mentioned as a possible SEC chair candidate.

Should Atkins refuse the appointment, at least two other crypto-savvy candidates have been mentioned in the mix. Former Binance U.S. CEO Brian Brooks and securities law expert Teressa Goody Guillén were named as potential options. 

EX-SEC official and Robinhood Markets CLO Dan Gallagher was also in contention before dropping out of the pool last month. Current SEC Commissioners Mark Uyeda and Hester Peirce were floated as potential Gensler replacements, but crypto lawyer Jakes Chervinsky downplayed the chances. Chervinsky thinks President Trump would rather appoint a new official.

Despite uncertainty over Atkins’s decision, the industry is confident that Trump will nominate a pro-crypto official as his SEC chair when he takes office next month. The President and his transition team have also explored appointing the first U.S. crypto czar to spearhead digital asset policy in Washington.