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Giancarlo ‘CryptoDad’ joins the Paxos board of directors
The lawyer and author of “CryptoDad: The Fight for the Future of Money,” J. Cristoforo Giancarloknown for his commitment to the field of cryptocurrencies, will join the leadership of Paxosa stablecoin issuer.
Giancarlo, former head of the Commodity Futures Trading Commission, has long supported cryptocurrencies, a commitment that contributed to his knighthood in France.
Let’s see all the details below.
The addition of well-known cryptocurrency advocate, ‘CryptoDad’, to the Paxos board of directors
As anticipated, Paxos announced the addition of J. Christopher Giancarlo, former chairman of the United States Commodity Futures Trading Commission (CFTC) and well-known cryptocurrency advocate, to its board of directors.
Giancarlo joins Paxos at a time when the stablecoin issuer and infrastructure platform is expanding its range of tokens, including issuing PayPal (PYUSD).
Furthermore, they have recently integrated the Solana blockchain after addition Ethereum last year. In terms of regulation, Paxos Trust is subject to oversight by the New York Department of Financial Services.
Just last year he highlighted some issues regarding his BinanceUSD (BUSD), although this relationship with the tokens was later discontinued.
J. Christopher Giancarlo and the potential of cryptocurrencies
Giancarlo, who joins the board of directors together with the former senator Bill Bradley, is the author of the book “CryptoDad: The Fight for the Future of Money”.
He is also the founder of the Digital Dollar Project, an initiative to explore the possibility of a US central bank digital currency (CBDC).
Carlo CascarillaCEO and co-founder of Paxos, praised Giancarlo for his commitment to promoting blockchain and improving financial infrastructure.
Emphasizing in particular that his skills will support Paxos in expanding its leadership in the regulated digital asset market and in the innovation of stablecoins.
Currently a lawyer at Willkie Farr & Gallagher and co-chair of the digital works practice, Giancarlo was knighted in 2022 for his contributions to the cryptocurrency field.
So much so that even the French ambassador to the United States recognized his knowledge of financial markets and the potential of crypto finance.
In a statement, Giancarlo expressed his honor to join the Paxos board of directors and contribute to innovation in the financial sector.
Particularly highlighting Paxos command role in connecting traditional and digital asset markets through regulated and secure solutions for institutions and consumers.
Digital Dollar Project: what it is and how it works
As mentioned, J. Christopher Giancarlo is the founder and director of the Digital Dollar Project (DDP), which is leading the launch of a series of pilot programs to explore the potential of a central bank digital currency in the United States (CBDC).
Senior Consultant, Giancarlo, has overseen the launch of at least five pilot programs over the years, in collaboration with DDP stakeholders and participants.
The main goal of these programs is to measure the potential value of a US CBDC and deliver it crucial information Speaking of which.
The pilot projects explore a wide range of aspects, including technical and functional requirements, benefits and potential challenges, commercial applications and use cases for both retail and wholesale.
The results of the pilot projects are made public and used for future academic studies and policy considerations.
Giancarlo highlighted the importance of fully understanding the complex issues surrounding a CBDC, such as privacy, financial inclusion and the rule of law.
He also underlined the open approach of the Digital Dollar Project in conducting research, experiments and developing lines of thought to inform public policy.
Before assuming the role of Chairman and CEO of the CFTC, Giancarlo played a key role in regulating derivatives markets, paying particular attention to emerging technologies such as blockchain and cryptocurrencies.
During his tenure, he oversaw the introduction of the first futures products Bitcoin and has adopted a “Do No Harm” regulatory approach to blockchain technology.
The Digital Dollar Project relies on a diverse advisory group of economists, business leaders, technologists, lawyers, academics, consumer advocates and human rights experts.