WASHINGTON — 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.

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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.