Nevada's state Senate leader has resigned over accusations of financial misconduct, paving the way for the state's highest legislative body to be led by a woman for the first time in state history.

Senate Majority Leader Kelvin Atkinson (D) resigned in a floor speech Tuesday after admitting to using campaign funds for personal use. Atkinson was the first openly gay man and only the third African-American to hold the position of Senate majority leader in Nevada's history.

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The Nevada Independent reports that he is likely to be replaced by his assistant Senate majority leader, state Sen. Nicole Cannizzaro (D), who would become the first woman to hold the majority leader title in Nevada.

Nevada Gov. Steve Sisolak (D) condemned Atkinson's conduct in a statement obtained by the Independent, while pledging to work with Cannizzaro.

“I am extremely disappointed in the news that Kelvin Atkinson misappropriated campaign funds for his personal use,” Sisolak said. “This admitted violation of the law goes against the integrity every elected officer in the state of Nevada should uphold. By doing so, he betrayed the trust of the public, and therefore should be held accountable."

“As governor, I look forward to working with legislative leadership, including Acting Leader Nicole Cannizzaro, to ensure our state government operates with the high standards of transparency and integrity that Nevadans deserve," he added.

Atkinson said he would plead guilty to federal charges of misappropriation of campaign funds for personal use, according to The Nevada Independent. It wasn't immediately clear what the charges stemmed from, but a spokesman for Nevada's Senate Democratic Caucus called the allegations serious.

"The Nevada Senate Democrats are saddened and disappointed to learn of the circumstances leading to Senator Atkinson's resignation today," the lawmakers said. "The charges against him are serious, and allege conduct that we strongly condemn."