'Crypto Dad' J. Christopher Giancarlo Joins Paxos Board Amid Regulatory Challenges
Summary:
Former United States Commodity Futures Trading Commission (CFTC) chairman, J. Christopher Giancarlo, also known as 'Crypto Dad', has joined the board of cryptocurrency company Paxos. The appointment aims to support Paxos' growth in regulated crypto markets and enhance their stablecoins. Despite regulatory hurdles from US authorities related to the issuance of their BUSD stablecoin, Paxos remains committed to compliance while innovating in the cryptocurrency market.
Former United States Commodity Futures Trading Commission (CFTC) chairman, J. Christopher Giancarlo who is familiarly recognized as 'Crypto Dad,' has recently been named as a board member for the cryptocurrency company, Paxos. As shared by Paxos on May 14, Giancarlo's addition to the team is in line with the firm's pursuit to grow in authorized cryptocurrency markets and to further enhance their stablecoins. Paxos is the creator of the Pax Dollar (USDP), associated with the U.S. dollar, and also rolled out PayPal's PYUSD stablecoin. Giancarlo expressed his positivity towards the company's rigorous commitment to regulatory compliance and desire to streamline and broaden financial systems, saying he anticipates applying his experience to assist progress at Paxos while they transform traditional finance. His service as a CFTC commissioner spanned from 2013 to 2017, proceeding to become chair from 2017 to 2019. He is also the founder of the Digital Dollar Project, which proposes setting up a U.S. central bank digital currency, and sits on the advisory board of the Chamber of Digital Commerce. Charles Cascarilla, the co-founder, and CEO at Paxos remarked on Giancarlo's groundbreaking endorsement of blockchain to boost financial system infrastructure. However, Paxos received an enforcement warning in 2023 from the U.S. Securities and Exchange Commission following the issuance of BUSD, classed as an unregistered security. The New York Department of Financial Services also posed regulatory scrutiny towards Paxos concerning the stablecoin, to which Paxos responded by announcing an end to minting the coins for Binance.
Published At
5/14/2024 6:25:43 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.