J. Christopher Giancarlo, the former chair of the United States Commodity Futures Trading Commission (CFTC) and known by many as ‘Crypto Dad,’ has joined the board of directors for crypto firm Paxos.

In a May 14 announcement, Paxos said it had added Giancarlo to its board as part of the firm’s efforts to expand in regulated crypto markets and innovate on stablecoins. The company is behind the U.S. dollar-pegged Pax Dollar (USDP) and issued PayPal’s PYUSD stablecoin.

“Paxos’s commitment to compliance and dedication to building a more efficient and inclusive financial system resonate deeply with me,” said Giancarlo. “I look forward to leveraging my expertise to help guide Paxos as it continues to revolutionize traditional finance.”

Giancarlo served as a commissioner at the CFTC from 2013 to 2017 and chair from 2017 to 2019. He founded the Digital Dollar Project, aimed at establishing a U.S. central bank digital currency, and currently works as an advisory board member for the Chamber of Digital Commerce. 

“He has been at the forefront of advocating for blockchain to improve the infrastructure of our financial system,” said Paxos co-founder and CEO Charles Cascarilla, referring to Giancarlo.

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The U.S. Securities and Exchange Commission issued a Wells notice to Paxos in 2023, warning of enforcement action over issuing BUSD as an unregistered security. New York’s Department of Financial Services similarly targeted the crypto firm over the stablecoin, resulting in Paxos announcing it planned to stop minting the coins for Binance.

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