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Former CFTC Chairman Giancarlo joins cryptocurrency firm Paxos
Christopher Giancarlo, former head of the US Commodity Futures Trading Commission (CFTC), has joined the board of directors of stablecoin issuer Paxos.
Giancarlo, also known as “CryptoDad,” will work alongside other board members, including former U.S. Sen. Bill Bradley, D-N.J. Paxos CEO Charles Cascarilla welcomed Giancarlo, underlining his support for blockchain technology.
“He has been at the forefront of advocating for blockchain to improve the infrastructure of our financial system,” Cascarilla said. “His insights will support us as we expand our leading position in regulated digital asset market structure and stablecoin innovation.”
Paxos is known for issuing stablecoins such as PayPal USD, Pax Dollar (USDP) and Pax Gold. The company is regulated by the New York Department of Financial Services. Last year, Paxos faced regulatory scrutiny over its ties to Binance’s USD stablecoin, leading to the cessation of issuance of Binance USD.
The full scope of the SEC’s investigation is unclear. But US regulators have questioned cryptocurrency companies over their practices in managing customers’ digital assets. The probe accelerated following the collapse of the Sam Bankman-Fried’s crypto empire.
Giancarlo served as chairman of the CFTC from March 2017 to April 2019, overseeing the launch of the first bitcoin futures products. He later authored “CryptoDad: The Fight for the Future of Money”, a book on bitcoin derivatives. He also co-founded the Digital Dollar Project, a forum to explore digital currency innovation, including a potential U.S. central bank digital currency.
“I am honored to join the Paxos board of directors and be part of innovation in the financial industry,” Giancarlo said in a statement. “Paxos’ commitment to compliance and dedication to building a more efficient and inclusive financial system resonates deeply with me.”
Paxos recently received the green light from the New York Department of Financial Services (DFS) to extend its operations to the Solana blockchain. Until now, Paxos has been limited to issuing its Pax Dollar (USDP) stablecoin exclusively on the Ethereum network.
Paxos expansion isn’t limited to Solana. The company is actively seeking regulatory approval to operate on other layer 1 and layer 2 blockchains. Additionally, Paxos has expanded its international presence. In November, the company announced preliminary approval Singapore regulators to launch a US dollar-backed stablecoin. Additionally, Paxos has also received approval Abu Dhabi regulators issue stablecoins and offer digital asset services in the emirate.