J. Christopher Giancarlo, also known as “Crypto Dad,” has recently joined the board of directors for cryptocurrency firm Paxos, according to an announcement made on May 14. Paxos revealed that the addition of Giancarlo to their board is part of their strategy to expand into regulated crypto markets and drive innovation in stablecoins. Paxos is responsible for creating the Pax Dollar (USDP), which is pegged to the U.S. dollar, as well as issuing PayPal’s stablecoin, PYUSD.
Giancarlo expressed his enthusiasm for joining Paxos, stating that their commitment to compliance and their efforts to build a more efficient and inclusive financial system deeply resonate with him. He is eager to utilize his expertise to guide Paxos as they continue to revolutionize traditional finance. Prior to his role at Paxos, Giancarlo served as a commissioner at the United States Commodity Futures Trading Commission (CFTC) from 2013 to 2017, and as the chair from 2017 to 2019. He is also the founder of the Digital Dollar Project, an initiative aimed at establishing a central bank digital currency in the U.S., and currently 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. This appointment comes at a time when Paxos is facing regulatory challenges. The U.S. Securities and Exchange Commission issued a Wells notice to the company in 2023, warning of potential enforcement action due to the issuance of Binance USD (BUSD) as an unregistered security. Additionally, the New York Department of Financial Services targeted Paxos over their stablecoin, leading the company to announce their decision to halt the production of coins for Binance.
In conclusion, Giancarlo’s appointment to the board of directors at Paxos signifies the company’s commitment to compliance and their ambition to drive innovation in the regulated crypto market. Despite regulatory challenges, Paxos remains determined to revolutionize traditional finance and build a more efficient financial system.