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Former CFTC Chair Christopher Giancarlo Joins Paxos Board of Directors

Hassan Shittu
Last updated: | 1 min read
Former CFTC Chair Christopher Giancarlo Joins Paxos Board of Directors

Paxos, a leading regulated blockchain and tokenization infrastructure platform, appointed Christopher Giancarlo, the former Chairman of the United States Commodity Futures Trading Commission (CFTC), to its board of directors on May 14.

Giancarlo, a respected figure in the financial services industry and a passionate advocate for blockchain technology brings decades of expertise to Paxos.

Paxos Appoints Former CFTC Chairman to Its Board

Paxos highlighted the move as part of the company’s strategy to expand in regulated crypto markets and advance innovation in stablecoins. 

In response to his appointment, Giancarlo expressed his honor to join Paxos’s board and contribute to the crypto industry.

“Paxos’s commitment to compliance and dedication to building a more efficient and inclusive financial system resonates deeply with me,” said Giancarlo.

Giancarlo’s career includes serving as the thirteenth Chairman of the U.S. Commodity Futures Trading Commission (CFTC), where he oversaw the regulation of futures, options, and swaps derivatives markets from 2013 to 2017 and as chair from 2017 to 2019. 

He is widely regarded as one of the most influential figures in financial regulation and has contributed to the global discourse on cryptocurrencies and digital assets. 

He is also the founder of the Digital Dollar Project, an initiative to establish a U.S. central bank digital currency (CBDC). Currently, he serves on the Chamber of Digital Commerce’s advisory board.

Paxos Continues Commitment to Financial Inclusion Amid Regulatory Challenges

Paxos, a registered trust company and issuer of regulated digital assets, including PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG), is one of the leaders of the industry, pushing for digital asset adoption.

However, Paxos has faced regulatory challenges in the past. Last year, the U.S. Securities and Exchange Commission (SEC) issued a Wells notice to Paxos, indicating potential enforcement action regarding issuing Binance USD (BUSD) as an unregistered security. 

Additionally, New York’s Department of Financial Services targeted the crypto firm over the stablecoin, leading Paxos to announce its decision to cease issuing Binance USD.

Giancarlo’s appointment to the board of Paxos follows his appointment as a Chevalier in the French National Order of Merit in March 2022, recognizing his expertise in financial markets and crypto finance potentials, according to French Ambassador Phillipe Etienne.