In a statement released by Paxos, it’s announced that the ex-leader of the CFTC will take a seat on the board of directors of the stablecoin issuing firm. Giancarlo will be joining other esteemed directors, among them former U.S. Senator Bill Bradley.
“Chris brings unparalleled expertise and understanding of complex market dynamics to Paxos […] His insights will support us as we expand our position as a leader in regulated digital asset market structure and stablecoin innovation.” – Charles Cascarilla, CEO and Co-Founder of Paxos
Giancarlo served as Chairman of the CFTC from March 2017 to April 2019, during which time he supervised the introduction of the initial Bitcoin futures offerings. Subsequently, he authored a book titled “CryptoDad: The Battle for the Future of Currency,” focusing on Bitcoin derivatives.
In January 2022, Giancarlo became part of the New York-based fintech firm Digital Asset, offering expertise in asset tokenization, distributed ledger technology, and assessing the regulatory landscape’s potential influence on the cryptocurrency sphere.
Prior to this, Giancarlo assumed a position on the board of directors at the cryptocurrency lending platform BlockFi, concurrently serving as a strategic advisor at the investment entity CoinFund.
Giancarlo’s appointment to the company’s board aligns with recent scrutiny from U.S. regulatory bodies. In February 2023, the U.S. SEC notified Paxos of its intent to pursue legal action for alleged breaches of investor protection statutes. The SEC argued that the Binance USD stablecoin (BUSD) was being traded as an unregistered security. Consequently, Paxos was compelled to halt BUSD production.
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