Atkins' nomination is being celebrated by prominent figures in the crypto industry. Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, said that Atkins is a “great choice” as next Chair of the SEC.

President-elect Donald Trump on Wednesday picked conservative lawyer Paul Atkins to run the Securities and Exchange Commission, choosing a regulatory skeptic who will be expected to cut red tape and rein in the agency’s enforcement division.

Trump said Atkins, the CEO of Patomak Partners and a former SEC commissioner, was a “proven leader for common sense regulations.”