Bitcoin (BTC-USD) surpassed $98,800 to touch a new record on Thursday after the Securities and Exchange Commission announced Chair Gary Gensler will step down effective Jan. 20, the day Donald Trump is scheduled to be sworn into the White House.

The token had crossed the $98,000 threshold in early trading before paring gains as investors remained bullish on pro-crypto policies from the incoming Trump administration.

Bitcoin has soared roughly 40% since Trump’s presidential victory earlier this month, hitting multiple milestones as investors eye targets of $100,000.

Reports of President-elect Donald Trump’s transition team discussing the possibility of a first-ever role for crypto policy also sent the token higher over the past 24 hours.

Bitcoin has been a key component of the Trump trade, as Trump has promised to explore crypto-friendly initiatives, including the creation of a bitcoin national stockpile and the replacement of SEC Chair Gary Gensler.

Digital asset firm Galaxy Digital (GLXY.TO, BRPHF) CEO Mike Novogratz said on Wednesday that whomever Trump chooses to head the SEC will be positive for bitcoin given the “overall pro-crypto attitude” of the president-elect’s team.

“All the guys around the table like our space. They believe in the digital asset world. They believe in blockchains and bitcoin, and so the whole energy of this administration is going to be so different than the Elizabeth Warren, Gary Gensler era,” Novogratz said.

The move higher in bitcoin this week also comes on the heels of a Financial Times report stating that Trump Media & Technology Group (DJT) is in advanced talks to acquire crypto trading company Bakkt (BKKT), a tie-up that could further encourage initiatives within the sector.

Meanwhile, bitcoin spot ETFs have also seen massive inflows in recent weeks.

Options tied to IBIT also began trading on the Nasdaq on Tuesday, pushing additional trading activity into the crypto space.