Breaking: Donald Trump nominates Paul Atkins as next SEC Chair

• President-elect Donald Trump announced that Paul Atkins will replace Gary Gensler as SEC Chair.
• Trump notes that Atkins recognizes that digital assets are crucial in "making America greater than ever before."
• Atkins previously served as a SEC Commissioner under former President George W. Bush.

President-elect Donald Trump confirmed on Wednesday that he has nominated Patomak Global Partners CEO Paul Atkins as the next Chair of the Securities & Exchange Commission (SEC).

Atkins served as a SEC Commissioner under former President George W. Bush and has shown support for the digital asset industry by co-chairing the Token Alliance at the industry group Digital Chamber of Commerce since 2017.

According to an earlier FXStreet report, Atkins was considered the favorite to lead the agency under Donald Trump's administration but had allegedly shown reluctance to accept the role due to the work it would take to forge a turnaround in the agency.

The news comes as a positive development for the crypto market, as many believe Atkins will steer positive regulations toward the crypto industry in line with Trump's campaign promises.

"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," wrote Trump in a post on his social media platform Truth Social. "He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before."

(This is a breaking news and will be updated as the story develops.)