President-elect Donald Trump has nominated Paul Atkins, a vocal crypto advocate and former SEC commissioner, to take over as the new chair of the United States Securities and Exchange Commission (SEC), replacing Gary Gensler.

Trump made the announcement on Dec. 4 via Truth Social, highlighting Atkins’ extensive expertise in financial regulation and digital assets. As the CEO of Patomak Global Partners and Co-Chairman of the Digital Chamber’s Token Alliance since 2017, Atkins has been deeply involved in advancing blockchain and cryptocurrency initiatives.

During his previous tenure as SEC commissioner from 2002 to 2008, Atkins was known for championing transparency and investor protection. His nomination fulfills a key campaign promise Trump made to pro-crypto voters and was a major talking point during his keynote address at the Bitcoin 2024 conference in Nashville.

Gary Gensler, known for his tough stance on cryptocurrencies, resigned on Nov. 21 following mounting criticism and the results of the 2024 U.S. presidential election. Under Gensler’s leadership, the SEC launched 104 lawsuits against crypto firms between 2021 and 2023, leading to an estimated $426 million in legal fees for the industry. His departure has sparked optimism in the crypto space, with many anticipating a shift toward more balanced regulations.

In the wake of Gensler’s resignation, crypto markets surged, with analysts predicting an altcoin rally to extend into 2025. Additionally, the SEC received a wave of new applications for Solana exchange-traded funds (ETFs) from major firms like Bitwise, VanEck, and 21Shares.

Industry leaders hope Atkins’ appointment will mark the end of regulatory hostility and pave the way for clearer, innovation-friendly policies. The Blockchain Association expressed relief, stating, “The time of lawfare against our industry must end.”