U.S. President Joe Biden nominated Ajay Banga to be the new leader of the World Bank – an executive who’s been critical of the crypto industry in the past. 

Banga is expected to take over David Malpass as president by May. 

As detailed in a White House statement on Thursday, Banga is currently the Vice Chairman of growth equity firm General Atlantic and was formerly the President and CEO of Mastercard. 

While Mastercard has launched numerous partnerships and products to help spur crypto adoption, Banga has historically been opposed to the space. In 2018, he called cryptocurrencies “junk” while criticizing their volatile prices and the necessity of mining them (in the case of Bitcoin).