WASHINGTON ― President-elect Donald Trump announced on Wednesday that he is putting forward Paul Atkins, a former federal regulator with a favorable stance toward the emerging cryptocurrency sector, for the position of chairman of the Securities and Exchange Commission (SEC).

In a message posted on Truth Social, Trump described Atkins, who was a Republican SEC commissioner from 2002 to 2008 under President George W. Bush, as a “proven leader for common sense regulations.”

The SEC, an independent regulatory body, aims to safeguard investors on Wall Street from fraud and unethical practices, while fostering fairness and efficiency in the financial markets. The agency is anticipated to move toward a deregulation approach following a challenging four years with the outgoing chairman Gary Gensler, who was appointed by President Joe Biden and plans to resign in January.

Atkins, now 66 years old, is the CEO and founder of Patomak Global Partners, a financial consulting firm that works with various cryptocurrency companies and exchanges.

“He believes in the potential of strong and innovative capital markets that meet the needs of investors and provide the necessary capital to enhance our economy,” Trump stated. “He understands that digital assets and other innovations are essential in making America greater than ever.”

Atkins is a prominent figure in Republican business circles and serves as co-chairman of the Digital Chamber’s Token Alliance, which supports Bitcoin and other digital currencies and has lobbied against SEC regulations affecting the cryptocurrency sector.

During Gensler’s tenure, the SEC took a strong stance against the cryptocurrency market, taking legal action against major platforms like Coinbase, Kraken, and Binance, claiming they violated SEC registration requirements.

In a discussion on a pro-crypto podcast last year, Atkins commented that the current financial system has “numerous rules that hinder financial innovation.”

“That’s why the SEC should stay attuned to industry trends, to facilitate non-criminal activities and help markets thrive,” he added.