President-elect Donald Trump, keeping with his promise for a crypto-friendly administration, plans to nominate former SEC Commissioner Paul Atkins to head the agency, according to his Truth Social post.

Currently the CEO at Patomak Global Partners, Atkins is a well-known veteran of the financial world and Republican political circles specifically. He had been widely expected to get the position as the nation’s top financial market regulator.

If confirmed, Atkins would succeed Gary Gensler, a widely reviled figure in the digital currency community for his many efforts to clamp down on the $3.5 trillion crypto market. Trump has promised a easier path for bitcoin and its myriad peers, and the market has soared since his election victory on Nov. 5.

Trump’s position on crypto mirrors his larger pro-deregulation stance prevalent during his first time in office.

Atkins served as SEC commissioner from 2002-08, under then-President George W. Bush. Prior to that, he also had served in other roles at the regulator body in the division of corporate finance.

Along with adopting a pro-crypto stance, the prospective nominee was critical of some of the reforms that emerged from the global financial crisis in 2008. Specifically, he criticized the Dodd-Frank legislation as too burdensome on the banking industry.

This is breaking news. Please check back for updates.

Private payrolls growth was less than expected in November, reflecting a slowing labor market, according to a report Wednesday from ADP.

Companies added 146,000 on the month, below the downwardly revised 184,000 in October and less than the Dow Jones estimate for 163,000.

Education and health services led job creation, adding 50,000 positions on the month. That was followed by construction with 30,000 new jobs, trade, transportation and utilities with 28,000 additions, and the other services category, which contributed 20,000 jobs.

Manufacturing lost 26,000 positions on the month. Businesses with fewer than 50 employees also reported a drop of 17,000.

Wage growth accelerated, by 4.8%, a faster gain than October, the first time that has happened in 25 months.

“While overall growth for the month was healthy, industry performance was mixed,” ADP’s chief economist, Nela Richardson, said. “Manufacturing was the weakest we’ve seen since spring. Financial services and leisure and hospitality were also soft.”

Even with the lower-than-expected total and downward October revision, ADP’s count was still well ahead of the Bureau of Labor Statistics’ more closely watched nonfarm payrolls count, which showed an increase of just 12,000 jobs in October.

The BLS report is scheduled to be released Friday and is expected to show growth of 214,000, according to Dow Jones, after the Boeing strike and storms in the Southeast lowered the October total.

Correction: Wage growth accelerated, by 4.8%, a faster gain than October, the first time that has happened in 25 months. An earlier version misstated the number of months. This story was also updated to correct the name of the Bureau of Labor Statistics.

Bank of England Governor Andrew Bailey on Wednesday signaled that the U.K. could be on track for four interest rate cuts over the next year, if inflation continues on a downward path.

Speaking in a pre-recorded interview that aired at the Financial Times’s virtual The Global Boardroom event, Bailey added that inflation had come down faster than the central bank had anticipated.

This is a breaking news story and will be updated shortly.