President-elect Donald Trump announced Wednesday that he intends to nominate cryptocurrency advocate Paul Atkins to chair the Securities and Exchange Commission.

Trump said Atkins, the CEO of Patomak Partners and a former SEC commissioner, was a “proven leader for common sense regulations.” In the years since leaving the SEC, Atkins has made the case against too much market regulation.

“He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before,” Trump wrote on Truth Social.

The commission oversees U.S. securities markets and investments and is currently led by Gary Gensler, who has been leading the U.S. government’s crackdown on the crypto industry. Gensler, who was nominated by President Joe Biden, announced last month that he would be stepping down from his post on the day that Trump is inaugurated — Jan. 20, 2025.

Trump, once a crypto skeptic, had pledged to make the U.S. “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. Money has poured into crypto assets since he won. Bitcoin, the largest cryptocurrency, is now above $95,000. And shares in crypto platform Coinbase have surged more than 70% since the election.

Paul Grewal, chief legal officer of Coinbase, congratulated Atkins in a post on X.

“We appreciate his commitment to balance in regulating U.S. securities markets and look forward to his fresh leadership at (the SEC),” Grewal wrote. “It’s sorely needed and cannot come a day too soon.”

Congressman Brad Sherman, a California Democrat and a senior member of the House Financial Services Committee, said he worries Atkins would not sufficiently regulate cryptocurrencies as SEC chair.

“He’d probably take the position that no cryptocurrency is a security, and hence no exchange that deals with crypto is a securities exchange,” Sherman said. “The opportunity to defraud investors would be there in a very significant way.”

Atkins began his career as a lawyer and has a long history working in the financial markets sector, both in government and private practice. In the 1990s, he worked on the staffs of two former SEC chairmen, Richard C. Breeden and Arthur Levitt.

His work as an SEC commissioner started in 2002, a time when the fallout from corporate scandals at Enron and WorldCom had turned up the heat on Wall Street and its government regulators.

Atkins was widely considered the most conservative member of the SEC during his tenure at the agency and known to have a strong free-market bent. As a commissioner, he called for greater transparency in and analysis of the costs and benefits of new SEC rules.