US President-elect Donald Trump announced on Wednesday his intention to name, after taking office, Republican lawyer Paul Atkins, who has repeatedly publicly advocated the further development of cryptocurrencies, as the new head of the US Securities and Exchange Commission, the SEC.

A former commissioner of the independent authority from 2002 to 2008 during the George W. Bush administration, Paul Atkins will succeed Democrat Gary Gensler, who announced his resignation in late November after Donald Trump’s election victory.

He is currently the managing director of the financial risk management and consulting company, Patomak Global Partners, and an advisor to the Digital Chamber, an organization promoting the blockchain technology on which cryptocurrencies are based.

Although he has spoken out publicly against the use of cryptocurrencies for profit, he is in favor of the broader development of the sector.

His stance is diametrically opposed to that of outgoing SEC Chairman Gensler, who was marked by a wave of crackdowns on digital currency players accused of acting illegally.

Mr. Atkins has repeatedly argued in favor of strict adherence to their mandate by the US federal authorities and especially the SEC, a position that contrasts with the far more interventionist policy of the administration of outgoing President Joe Biden.

Last year he publicly criticized SEC officials, saying they should make it “more easy” for companies that created or manage cryptocurrencies, arguing they were driving them out of the US market.

“Paul has a proven appeal to a common sense regulatory framework,” said Mr. Trump via Truth Social. “He believes in strong and innovative financial markets that meet the needs of investors,” he continued. “He recognizes that digital resources are critical to making America greater than ever before,” added the real estate mogul.