President Donald Trump has chosen Michael Selig to lead the Commodity Futures Trading Commission (CFTC), according to an administration official familiar with the decision, Bloomberg reports.

Selig currently serves as chief counsel for the SEC’s crypto task force and has worked closely with SEC Chairman Paul Atkins to align regulatory approaches between the SEC and CFTC across financial and digital asset markets. Before joining the SEC, he was a partner at Willkie Farr & Gallagher, specializing in asset management.

Neither Selig, the White House, nor the CFTC immediately commented on the appointment.

If confirmed by the Senate, Selig would become Trump’s second nominee to helm the derivatives regulator, which is gaining influence as Congress considers legislation expanding oversight of digital assets and prediction markets.

Trump’s first nominee, former CFTC Commissioner Brian Quintenz, withdrew after his nomination faced resistance from Tyler Winklevoss, co-founder of Gemini Space Station Inc.