In a surprising move, President-elect Donald Trump announced his intention to appoint the Republican lawyer Paul Atkins, a proponent of cryptocurrency development, to lead the U.S. financial markets regulatory authority, the SEC.

Atkins, a former SEC commissioner from 2002 to 2008 under the George Bush administration, will succeed the Democrat Gary Gensler, who resigned in late November after Trump’s election.

Currently serving as the managing director of a risk management consulting firm, Patomak Global Partners, Atkins is also an advisor to the Digital Chamber, an organization promoting the technology underlying cryptocurrencies, the blockchain.

Unlike his predecessor, Atkins has been critical of speculative use of cryptocurrencies but supports their development for transactional purposes. This contrasts with Gary Gensler’s tenure marked by crackdowns on numerous digital currency players accused of illegal activities.

Trump praised Atkins for his common-sense regulatory approach, emphasizing the importance of digital assets in strengthening America. The president-elect’s endorsement reflects a shift towards a more innovation-friendly regulatory environment.

Atkins’s belief in robust and innovative financial markets aligns with Trump’s vision of empowering investors and leveraging digital assets to enhance the country’s economic prowess.