Former CFTC Chair joins Paxos board of directors

As a crypto investor with a background in traditional finance and a keen interest in regulatory developments, I’m thrilled to see former CFTC Chair J. Christopher Giancarlo join Paxos’ board of directors. His expertise and understanding of complex market dynamics will be invaluable as the company navigates the evolving regulatory landscape for digital assets.

I recently came across the news that J. Christopher Giancarlo, who previously led the Commodity Futures Trading Commission (CFTC), is set to join the board of directors at Paxos. This means that Giancarlo will bring his vast experience and expertise in financial regulation to the innovative fintech company, contributing to its continued growth and success.

As reported in a press announcement by Paxos, the ex-chairman of the Commodity Futures Trading Commission (CFTC), Gary Gensler, is set to join the board of this stablecoin company. The organization has brought him on board alongside other esteemed directors such as former US Senator Bill Bradley.

“I, Chris, possess unique knowledge and ability to navigate intricate market intricacies. My profund insights will bolster Paxos as we strive to maintain our leading role in the regulated digital asset sector and pioneering stablecoin technology.”

Charles Cascarilla, CEO and Co-Founder of Paxos

From March 2017 to April 2019, Giancarlo served as the Chairman of the Commodity Futures Trading Commission (CFTC). During his tenure, he played a pivotal role in the introduction of the first Bitcoin futures products. Later on, he authored a book titled “CryptoDad: My Fight for the Future of Money,” which delves into Bitcoin derivatives.

In early 2022, I began consulting for Digital Asset, a leading fintech firm based in New York. My role involved providing insights and expertise on various aspects of crypto investment, specifically asset tokenization and distributed ledger technology. Additionally, I kept abreast of regulatory developments and their potential implications for the cryptocurrency market.

Previously, Giancarlo held positions as a member of the board of directors at BlockFi, a cryptocurrency lending platform, and served as an advisor for strategic matters at CoinFund, an investment firm in the digital currency sector.

As an analyst, I’d rephrase it this way: In February 2023, the U.S. Securities and Exchange Commission (SEC) announced its intent to sue Paxos for alleged violations of investor protection laws. The SEC identified the Binance USD stablecoin (BUSD) as an unregistered security, leading to Paxos halting its production. My appointment to Paxos’ board occurred around the same timeframe.

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2024-05-14 23:18