President-elect Donald Trump has turned to Howard Lutnick, who is co-chair of his transition team, to serve as the next Secretary of Commerce.

Lutnick has emerged as a key advisor to Trump, who won the U.S. presidential election earlier this month. He has led the transition team along with Linda McMahon, the cofounder and former CEO of WWE, who was once considered a shoo-in for the Commerce post.

Lutnick is a cryptocurrency enthusiast while his firm, Cantor Fitzgerald, manages some of the stablecoin Tether’s reserve funds. Trump confirmed Tuesday he had picked Lutnick on his social media platform Truth Social. Lutnick will lead "our Tariff and Trade agenda, with additional direct responsibility for the Office of the United States Trade Representative," according to the Truth Social post.

Lutnick will succeed Gina Raimondo, who is the current Commerce secretary. Raimondo is the former governor of Rhode Island, and the founder of venture firm Point Judith Capital.

News of Lutnick’s nomination to the Commerce position was first reported by Punchbowl News and then by the Wall Street Journal.

Lutnick was recently considered a top contender to lead the Treasury Department, but his enthusiasm for the job was reportedly rubbing Trump the wrong way. Scott Bessent, CEO and CIO of hedge fund manager Key Square Capital Management, is a front-runner for the Treasury position, while other candidates include former Federal Reserve governor Kevin Warsh and Apollo Global Management CEO Marc Rowan.

The Commerce position is considered a consolation prize for Lutnick not getting the Treasury post. The incoming Trump administration views the post as less pressing than other top national security and economic roles, Semafor reported. Commerce is smaller than the Treasury and plays a leading role in administering the Biden administration’s CHIPs and Science Act, which allotted $52.7 billion for chip research, manufacturing, and workforce development.

Trump is scheduled to be sworn in on Jan. 20, 2025, as the 47th president of the United States.

Messages to Trump’s transition team and to Cantor Fitzgerald were not immediately returned.

This story was originally featured on Fortune.com