President-elect Donald Trump announced Wednesday via Truth Social that he has picked Paul Atkins, a former commissioner at the Securities and Exchange Commission (SEC), to lead the regulatory agency as its next Chairman.

Representing a crypto-friendly successor to SEC Chair Gary Gensler, Atkins served as an SEC commissioner for six years following his appointment by President George W. Bush.

He is currently the CEO of Patomak Global Partners, a financial services consultancy firm.

"Paul is a proven leader for common sense regulations," Trump wrote. "He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors, and that provide capital to make our economy the best in the world. He also recognizes that digital assets and other innovations are crucial to making America greater than ever before."