Former CFTC Chairman J. Christopher Giancarlo will join Paxos' board of directors.
according to press release From Paxos, the former head of the Commodity Futures Trading Commission (CFTC) will join the board of directors of the stablecoin issuer. The company appointed Giancarlo to serve among other directors, including former U.S. Senator Bill Bradley.
“Chris brings unparalleled experience and understanding of complex market dynamics to Paxos (…) and his insights will support us as we expand our position as a leader in regulated digital asset market structure and stablecoin innovation.”
Charles Cascarella, CEO and co-founder of Paxos
Giancarlo was Chairman of the Commodity Futures Trading Commission (CFTC) from March 2017 to April 2019, where he oversaw the launch of the first Bitcoin futures products. He later published a book on Bitcoin derivatives titled “CryptoDad: The Fight for the Future of Money.”
In January 2022, Giancarlo joined fintech firm Digital Asset in New York, where he advised on asset tokenization, distributed ledger technology, and the potential impact of regulatory changes on the cryptocurrency space.
Before that, Giancarlo joined the board of cryptocurrency lending service BlockFi and was also a strategic advisor at investment firm CoinFund.
Giancarlo's appointment to the company's board coincides with recent pressure from US regulatory authorities. In February 2023, the US Securities and Exchange Commission informed Paxos that it planned to prosecute it for violating investor protection laws. According to the Securities and Exchange Commission, the Binance USD stablecoin (BUSD) is an unregistered security. As a result, the company was forced to suspend BUSD production.