President-elect Donald Trump on Wednesday said he’s nominating Paul Atkins to head the Securities and Exchange Commission, a move signaling a crypto-friendly administration.

“Paul is a proven leader for common sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors & that provide capital to make our economy the best in the world,” Mr. Trump posted on Truth Social. “He also recognizes that digital assets & other invocations are crucial to Making America Greater than Ever Before.”

By choosing Mr. Atkins, a former SEC commissioner, Mr. Trump is naming one of the most influential GOP financial regulators to oversee Wall Street.

If confirmed, Mr. Atkins will likely push for reducing regulations that he argues harm consumers and financial companies. He’s been a sharp critic of the Dodd-Frank legislation, enacted after the 2008 financial crisis, as being too burdensome on the banking industry.

Mr. Atkins will replace Chairman Gary Gensler, who had said he would leave his post on Jan. 20.

The move fulfills Mr. Trump’s desire to create an easier path for bitcoin and other cryptocurrencies. Mr. Gensler was criticized by the digital currency community for his efforts to clamp down on the $3.5 billion crypto market. In contrast, Mr. Atkins has been pro-crypto. Since Mr. Trump’s election, the crypto markets have soared.

Mr. Atkins served as SEC commissioner from 2002 to 2008 in President George W. Bush’s administration. Upon leaving, he founded Patomak Global Partners, a top consulting firm for banks, trading firms and financial technology companies on how to respond to investigations and rules from the government.

• Jeff Mordock can be reached at jmordock@washingtontimes.com.