Paxos adds former CFTC Chair Chris Giancarlo to its board of directors

Former Commodity Futures Trading Commission Chair J. Christopher Giancarlo is joining stablecoin issuer Paxos's board of directors, according to a statement released by the company.

Paxos tapped Giancarlo, who has also been nicknamed "CryptoDad," who will work alongside other directors including former U.S. Senator Bill Bradley, D-N.J.

Giancarlo will help the firm in its growth, said Paxos CEO Charles Cascarilla in a press release on Tuesday.

"He has been at the forefront of advocating for blockchain to improve the infrastructure of our financial system," Cascarilla said. "His insights will support us as we expand our position as a leader in regulated digital asset market structure and stablecoin innovation."

Paxos issues PayPal USD, Pax Dollar USDP -0.41% and Pax Gold and is regulated by the New York Department of Financial Services. Last year, regulators probed Paxos' ties to Binance's USD stablecoin and Paxos stopped issuing Binance USD.

Crypto Dad

Giancarlo was chair of the CFTC from March 2017 to April 2019, where he oversaw the launch of the first bitcoin futures products. He later published a book about bitcoin derivatives, "CryptoDad: The Fight for the Future of Money."

The former CFTC chair also co-founded the Digital Dollar Project, a forum for exploring digital innovation, including a U.S. central bank digital currency.

"I’m honored to join Paxos’s board and be a part of innovation in the financial sector," Giancarlo said in a statement. "Paxos’s commitment to compliance and dedication to building a more efficient and inclusive financial system resonates deeply with me."

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