Michael Selig, the chair of the U.S. Commodity Futures Trading Commission (CFTC), recently appointed Michael Passalacqua as a senior adviser, bringing in expertise from his background in cryptocurrency and blockchain litigation.

In an announcement made on Tuesday, Selig highlighted Passalacqua’s substantial experience in handling financial regulatory issues related to crypto assets and blockchain technologies. Earlier in his career, Passalacqua also served as assistant general counsel at a firm focused on crypto capital markets, where he advised on various regulatory and transactional aspects.

According to information from Simpson Thacher & Bartlett, Passalacqua played a pivotal role in authoring a letter that resulted in the U.S. Securities and Exchange Commission (SEC) issuing a no-action letter, which allows state-chartered trust companies to serve as custodians for crypto assets. The SEC stated in September that it would not pursue enforcement actions against advisers employing state trust companies for crypto custody.

Selig also appointed Cal Mitchell, a former Treasury Department official, as a senior adviser amidst CFTC’s efforts to heighten its role in overseeing cryptocurrency regulations. These appointments come as the commission is looking to adapt its regulatory framework ahead of potentially new Senate legislation that may afford the CFTC a broader scope of responsibilities concerning digital asset markets.

Selig’s comments echo those made by SEC Chair Paul Atkins, emphasizing the need to prepare for future regulations. Atkins noted that similar to Selig’s vision, the SEC is also working towards establishing lasting regulatory decisions amidst shifting political priorities, particularly regarding crypto laws.