Former CFTC Chair joins Paxos board of administrators

Former Commodity Futures Buying and selling Fee Chair J. Christopher Giancarlo will be a part of the board of administrators at Paxos.

In keeping with a press launch from Paxos, the previous head of the CFTC will be a part of the board of administrators of the stablecoin issuing firm. The agency employed Giancarlo to work amongst different administrators, together with former U.S. Senator Invoice Bradley.

“Chris brings unparalleled experience and understanding of advanced market dynamics to Paxos […] His insights will assist us as we develop our place as a pacesetter in regulated digital asset market construction and stablecoin innovation.”

Charles Cascarilla, CEO and Co-Founding father of Paxos

Giancarlo was Chairman of the CFTC from March 2017 to April 2019, overseeing the launch of the primary Bitcoin futures merchandise. He later printed a e book on Bitcoin derivatives known as “CryptoDad: The Struggle for the Way forward for Cash.”

In January 2022, Giancarlo joined the New York fintech firm Digital Asset, the place he consulted on asset tokenization, distributed ledger expertise, and the potential influence of regulatory adjustments on the cryptocurrency area.

Earlier than this, Giancarlo joined the board of administrators of the cryptocurrency lending service BlockFi and was additionally a strategic advisor on the funding agency CoinFund.

Giancarlo’s naming to the corporate’s board coincides with latest stress from U.S. regulatory authorities. In February 2023, the U.S. SEC knowledgeable Paxos that it deliberate to sue it for violating investor safety legal guidelines. In keeping with the SEC, the Binance USD stablecoin (BUSD) is an unregistered safety. In consequence, the corporate needed to droop manufacturing of BUSD.