As a seasoned crypto investor with a background in traditional finance and a keen interest in regulatory developments, I’m thrilled about J. Christopher Giancarlo joining the board of directors at Paxos. His extensive experience as a former CFTC chair and advocate for blockchain technology will be invaluable in helping guide this innovative firm through the complex regulatory landscape.
J. Christopher Giancarlo, previously the chairman of the US Commodity Futures Trading Commission (CFTC) and affectionately referred to as ‘Crypto Dad,’ has been appointed to the board of directors at digital asset firm Paxos.
On May 14, Paxos revealed that it had brought Giancarlo onto its board in order to advance the company’s initiatives in regulated cryptocurrency markets and pioneer new developments with stablecoins. Notably, Paxos is responsible for the US dollar-pegged Pax Dollar (USDP) and collaborated with PayPal to launch their PYUSD stablecoin.
As an analyst, I strongly identify with Paxos’s focus on adhering to regulations and their mission to create a more streamlined and inclusive financial system. I’m excited to contribute my knowledge to support Paxos in its ongoing efforts to disrupt traditional finance.
As a crypto investor looking back at my past involvement in the industry, I can share that I held significant roles within the Commodity Futures Trading Commission (CFTC) from 2013 to 2019. During this period, I served as a commissioner from 2013 to 2017 and assumed the chairmanship role from 2017 to 2019. In my current capacity, I contribute my expertise as an advisory board member for the Chamber of Digital Commerce. Additionally, I am the founder of the Digital Dollar Project – an initiative geared towards creating a central bank digital currency for the United States.
“Charles Cascarilla, Paxos’s co-founder and CEO, commented that Giancarlo has been a leading advocate for implementing blockchain technology to enhance our financial system,” is one way of paraphrasing the original statement.
In 2023, Paxos received a warning from the U.S. Securities and Exchange Commission (SEC) signaling potential enforcement action due to unregistered security issuance related to BUSD stablecoins. The New York Department of Financial Services joined this scrutiny, leading Paxos to announce their intention to cease minting these coins for Binance.
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2024-05-14 18:41