U.S. Republican President-elect Donald Trump on Wednesday said he would nominate Paul Atkins to run the Securities and Exchange Commission, putting a prominent conservative Washington insider atop Wall Street's major regulator.

Mr. Atkins, a pro-business conservative, would likely take a lighter regulatory approach than the current chair of the Securities and Exchange Commission.

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.