President-elect Donald Trump’s pick to run the SEC, Paul Atkins, is the boss the crypto industry wanted.

Wall Street may like him too.

For years, Atkins has made it clear he favors clearer regulations of cryptocurrencies that don’t stifle innovation or impose unnecessary oversight. He also has criticized the Dodd-Frank legislation that was enacted after the 2008 financial crisis to rein in the biggest US banks.

He would, if confirmed, replace the outgoing Securities and Exchange Commission Chair Gary Gensler, who emerged as a major foe of the crypto world due to his crackdown on many of the industry’s largest players.

Atkins, President-elect Donald Trump said in a statement posted to Truth Social on Wednesday, is “a proven leader for common sense regulations” and “recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”

A Gensler exit as chair of the SEC was high on the wish list of many crypto executives, and Trump made the removal of the SEC boss a promise to the industry while on the campaign trail.

Atkins previously served as a Republican SEC commissioner from 2002 to 2008 and in 2009 founded Washington consulting firm Patomak Global Partners, which helps companies deal with US regulators.

Many expect him to take a much more favorable stance toward the crypto world. Atkins has said previously that the SEC’s aggressive approach to the industry could drive some firms to seek homes outside the US.

“If the SEC were more accommodating and would, you know, deal straightforwardly with these various [crypto] firms, I think it would be a lot better to have things happen here in the United States rather than outside,” Atkins said on a podcast in February of last year.

Following Atkins’s nomination, the price of bitcoin surged above $100,000 per coin Wednesday night. At the beginning of the year, the world’s largest cryptocurrency traded at $42,265.