President-elect Donald Trump on Wednesday picked conservative lawyer Paul Atkins to run the Securities and Exchange Commission, choosing a regulatory skeptic who will be expected to cut red tape and rein in the agency’s enforcement division.

Atkins' nomination is being celebrated by prominent figures in the crypto industry. Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, said that Atkins is a “great choice” as next Chair of the SEC.

Trump said Atkins, the CEO of Patomak Partners and a former SEC commissioner, was a “proven leader for common sense regulations.”