(Reuters) -U.S. President Donald Trump has picked Michael Selig as the Commodity Futures Trading Commission chair, Bloomberg News reported on Friday, citing an administration official.

Selig is chief counsel for the CFTC's crypto task force and has been working alongside Securities and Exchange Commission Chairman Paul Atkins, the report added.

The CFTC did not respond immediately to a Reuters request for comment.

The move comes as the digital assets industry, which had been facing regulatory pressures, takes center stage under the Trump administration with new legislations and laws.