J. Christopher Giancarlo, also known as “Crypto Dad,” has recently joined the board of directors for cryptocurrency company Paxos. The former chair of the United States Commodity Futures Trading Commission (CFTC) will be assisting Paxos in expanding its presence in regulated crypto markets and advancing its stablecoin innovations. Paxos is responsible for the creation of the Pax Dollar (USDP), which is pegged to the U.S. dollar, as well as PayPal’s PYUSD stablecoin.
Giancarlo, known for his commitment to compliance and his efforts to revolutionize traditional finance, expressed his enthusiasm for joining Paxos. He believes that the company’s dedication to building a more efficient and inclusive financial system aligns with his own values. With his expertise and guidance, Giancarlo hopes to contribute to Paxos’ ongoing transformation of the financial industry.
Prior to his involvement with Paxos, Giancarlo served as a commissioner and later as the chair of the CFTC from 2013 to 2019. He also founded the Digital Dollar Project, an initiative aimed at establishing a central bank digital currency in the United States. Currently, Giancarlo serves as an advisory board member for the Chamber of Digital Commerce.
Paxos co-founder and CEO, Charles Cascarilla, praised Giancarlo for his advocacy of blockchain technology and its potential to enhance the infrastructure of the financial system. It is clear that Giancarlo’s expertise and experience will be invaluable to Paxos as the company continues to make strides in the industry.
In related news, Paxos has faced regulatory challenges in recent years. The U.S. Securities and Exchange Commission (SEC) issued a Wells notice to the company in 2023, warning of potential enforcement action due to the unregistered security status of the Binance USD (BUSD) stablecoin. Additionally, the New York Department of Financial Services targeted Paxos over its stablecoin, resulting in the company’s decision to cease minting the coins for Binance.
Overall, Giancarlo’s addition to Paxos’ board of directors signifies a significant development for the company. With his expertise and dedication, Paxos is poised to continue its growth and innovation in the regulated crypto market.