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.�

�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.

If confirmed next year by the new Republican-led Senate, Atkins would replace Gary Gensler as the commission’s chair. Gensler, who has been leading the U.S. government�s crackdown on the crypto industry, 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.

Crypto industry players welcomed Trump�s victory in the hopes that he would push through legislative and regulatory changes that they�ve long lobbied for.

Trump also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.

(AP)