The lawyer and author of “CryptoDad: The Fight for the Future of Money”, J. Christopher Giancarlo, known for his commitment in the crypto field, will join the leadership of Paxos, a stablecoin issuer.
Giancarlo, former head of the Commodity Futures Trading Commission, has long supported cryptocurrencies, a commitment that contributed to his knighthood in France.
Let’s see below all the details.
The entrance of the well-known crypto supporter, ‘CryptoDad’, into the board of directors of Paxos
As anticipated, Paxos has announced the addition of J. Christopher Giancarlo, former chairman of the Commodity Futures Trading Commission (CFTC) of the United States and a well-known advocate for cryptocurrencies, to its board of directors.
Giancarlo joins Paxos at a time when the stablecoin issuer and infrastructure platform are expanding their range of tokens, including the issuance of PayPal (PYUSD).
Furthermore, they have recently integrated the Solana blockchain after adding Ethereum the previous year. In terms of regulation, Paxos Trust is subject to supervision by the New York Department of Financial Services.
Just last year it highlighted some issues regarding its Binance USD (BUSD), although this relationship with tokens was later discontinued.
J. Christopher Giancarlo and the potential of cryptocurrencies
Giancarlo, who joins the board of directors together with former senator Bill Bradley, is the author of the book “CryptoDad: The Fight for the Future of Money”.
He is also the founder of the Digital Dollar Project, an initiative aimed at exploring the possibility of a digital currency from the US central bank (CBDC).
Charles Cascarilla, CEO and co-founder of Paxos, praised Giancarlo for his commitment to promoting blockchain and improving financial infrastructure.
Specifically emphasizing that his skills will support Paxos in expanding its leadership in the regulated digital asset market and in the innovation of stablecoins.
Currently a lawyer at Willkie Farr & Gallagher and co-chair of the digital works practice, Giancarlo was knighted in 2022 for his contribution in the field of cryptocurrencies.
To the point that even the French ambassador to the United States recognized his knowledge of financial markets and the potential of cryptographic finance.
In a statement, Giancarlo expressed his honor in joining the board of directors of Paxos and in contributing to innovation in the financial sector.
Specifically highlighting Paxos’ leadership role in connecting traditional and digital asset markets through regulated and secure solutions for institutions and consumers.
Digital Dollar Project: what is it and how does it work
As mentioned, J. Christopher Giancarlo is the founder and director of the Digital Dollar Project (DDP), which is leading the launch of a series of pilot programs to explore the potential of a central bank digital currency in the United States (CBDC).
The senior consultant, Giancarlo, has overseen the launch of at least five pilot programs over the years, in collaboration with stakeholders and DDP participants.
The main goal of these programs is to measure the potential value of a US CBDC and provide crucial information about it.
Pilots indeed explore a wide range of aspects, including technical and functional requirements, benefits and potential challenges, commercial applications, and use cases for both retail and wholesale.
The results of the pilot projects are made public and used for future academic studies and political considerations.
Giancarlo emphasized the importance of fully understanding the complex issues related to a CBDC, such as privacy, financial inclusion, and the rule of law.
It has also emphasized the open approach of the Digital Dollar Project in conducting research, experiments, and developing lines of thought to inform public policies.
Before taking on the role of Chairman and Chief Executive Officer of the CFTC, Giancarlo played a key role in regulating derivative markets, paying particular attention to emerging technologies such as blockchain and cryptocurrencies.
During his tenure, he oversaw the introduction of the first futures products on Bitcoin and adopted a “Do No Harm” regulatory approach towards blockchain technology.
The Digital Dollar Project relies on a diverse advisory group, composed of economists, business executives, technologists, lawyers, academics, consumer advocates, and human rights experts.