The price of Bitcoin surged to $99,200 on Wednesday afternoon after President-elect Donald Trump tapped Paul Atkins to lead the Securities and Exchange Commission.

The choice of Atkins is seen as a positive for cryptocurrencies. He currently holds a position within a crypto lobbying group and has previously criticized regulatory action taken by the commission.

His nomination to the SEC, which under Gary Gensler’s leadership has cracked down on the industry, adds another crypto backer to the incoming Trump administration’s ranks. Trump has voiced support for building a national reserve of Bitcoin and has a crypto business of his own.

Bitcoin’s rally today comes after a shallow selloff in the largest cryptocurrency. Although Bitcoin is up 134% this year and has surged more than 40% since Election Day, it has failed to rise past $100,000. It came close on Nov. 23, trading as high as $99,488, according to Dow Jones Market Data. The total value of all Bitcoins is $1.96 trillion.

This year’s rally isn’t entirely fueled by politics. MicroStrategy, the largest corporate Bitcoin holder, has been an aggressive buyer. The launch of options trading on theiShares Bitcoin Trust, the largest and most actively traded Bitcoin exchange-traded fund, has alsoplayed a role.

Crypto stocks and ETFs jumped on Wednesday.