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The news comes after the SEC’s current chair, Gary Gensler, announced that he will leave the agency on Jan. 20 .

Trump and Republican lawmakers have criticized the sitting SEC leader for tough oversight, including the agency’s approach toward crypto companies and enforcement of securities laws.

In one of his most widely criticized moves, Gensler gained commission approval this year for a rule requiring companies to disclose the impact of climate change on their finances, operations and business strategy.

Trump’s selection of Atkins to take over the agency drew praise from Sen. Tim Scott (R-S.C.), the top Republican on the Senate Banking, Housing, and Urban Affairs Committee.

“Paul Atkins has the experience necessary to lead the agency out of Gary Gensler’s disastrous tenure and help revitalize the U.S. capital markets system — which is critical to our economic growth, job creation, and innovation,” Scott said in a statement.

Richard Hong, a partner at law firm Morrison Cohen LLP, predicted that Atkins, if confirmed, will bring relief to the defense bar.

“He is a wickedly smart and conservative lawyer, and he understands that SEC’s regulation by enforcement cannot continue — whether in crypto or elsewhere in the SEC space,” Hong, who worked as a trial lawyer at the SEC when Atkins was a commissioner, said in an emailed statement.

Dennis Kelleher, CEO of Better Markets, a nonprofit that promotes financial reform, slammed the nomination, describing Atkins as a “deregulation zealot and industry cheerleader.”