Key takeaways:
- The former chief of the US CFTC, J. Christopher Giancarlo, has joined the board of directors of the crypto company Paxos.
- Giancarlo was the CFTC chair from 2017 to 2019 after serving as a commissioner from 2013 to 2017.
The former chief of the US Commodity Futures Trading Commission (CFTC), J. Christopher Giancarlo, also referred to as “Crypto Dad,” has joined the board of directors of the crypto company Paxos.
Giancarlo joined Paxos’ board of directors, the company said on May 14, as part of its mission to develop stablecoins and grow in regulated crypto marketplaces. The company created PayPal’s stablecoin and is the one behind the US dollar-pegged Pax Dollar (USDP). Giancarlo stated:
“Paxos’s commitment to compliance and dedication to building a more efficient and inclusive financial system resonate deeply with me,”
Giancarlo was the CFTC chair from 2017 to 2019 after serving as a commissioner from 2013 to 2017. He launched the Digital Dollar Project to create a digital currency issued by the US central bank. He also serves on the Chamber of Digital Commerce’s advisory council.
According to Charles Cascarilla, CEO and co-founder of Paxos, Giancarlo has been at the vanguard of promoting blockchain technology to improve the financial system’s architecture.
In 2023, the US Securities and Exchange Commission (SEC) threatened Paxos with enforcement action for issuing BUSD as an unregistered security in a Wells notice. Similar to how the Department of Financial Services in New York pursued the crypto company over the stablecoin, Paxos said it would no longer be minting coins for Binance.
Recently, regarding the listings, custody, and management of digital assets, the SEC served subpoenas for investigative purposes to Robinhood. The company recognized that it had done everything possible to assist with these concerns. The Wells Notice was then made public on May 4, 2024. As a result of such a tactic, the agency has brought multiple lawsuits against different crypto websites.
