Tag: Christopher Giancarlo

Ex-CFTC Boss Christopher Giancarlo Joins CoinFund as Advisor

by Blockchain News

Christopher Giancarlo, the former Chairman of Commodity Futures Trading Commission (CFTC) has joined blockchain-focused investment firm CoinFund as a strategic advisor.

Billed to advise the firm on matters relating to policy, Giancarlo will bring years of experience serving as a major figure in the United States regulatory landscape.

“It is a distinct honour to work with Chris as CoinFund’s strategic advisor. As crypto regulation and legislation is being formed in real-time in the United States, Chris stands out as one of the most authoritative experts and commentators when it comes to Web3 and crypto adoption, as well as capital market structure,” said Jake Brukhman, CoinFund’s founder and CEO.

Christopher Giancarlo served as CFTC’s boss from August 2017 to July 2019 and achieved a number of historic milestones in the cryptocurrency ecosystem. Chris was instrumental in the approval of the first Bitcoin derivatives product back in 2017, and his continuous advocacy for the support of innovations bordering on digital currencies has earned him the title of ‘CryptoDad’ in the blockchain ecosystem.

Chris has often defended the position for the United States to float a Digital Dollar so as to not fall behind other advanced economies like China that are making visible strides in the field.

CoinFund’s President, Christopher Perkins, added “Chris was a driving force in supporting innovation at the CFTC, and continues to serve as a trailblazer and advocate for thoughtful crypto and web3 policy in the United States. With his track record, market reputation, and credentials, he will bring great value to CoinFund, our founders, and our portfolio of investments.”

While Chris currently holds a number of strategic positions ranging from Senior Counsel at Willkie Farr & Gallagher LLP since January 2020 and Co-Founder of The Digital Dollar Foundation (DigitalDollarProject.org) since January 2020, his addition to CoinFund in backing innovative projects for the digital currency ecosystem is seen by market observers as a plus point for the global optics of the industry.

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Former US CFTC Chairman Christopher Giancarlo Quits BlockFi’s Board of Directors

by Blockchain News

Former Commodity Futures Trading Commission (CFTC) chairman Christopher Giancarlo, also popularly known as “Crypto Dad,” has reassigned from crypto lending firm BlockFi’s board of directors after taking the job four months ago. 

BlockFi has announced a press release stating that Giancarlo has been replaced by Ellen-Blair Chube, a managing director at investment banking firm William Blair & Company. While news reporters have tried reaching out to Giancarlo to shed more light on his decision, Giancarlo declined to respond to such requests for comment.

Zac Prince, the founder and CEO at BlockFi, talked about the development and said that Giancarlo would advise the group on digital assets in an informal capacity.

Meanwhile, Prince described Chube as having “strong financial services experience married with her deep knowledge of the public sector” in bringing her expertise to the group as a board member.

Giancarlo’s unexpected leave comes at a critical moment for BlockFi. In July, multiple states, in the United States, including New Jersey, Texas and Alabama, claimed that the firm is illegally funding its proprietary trading and cryptocurrency lending operations through the sale of unregistered securities. However, the firm has repeatedly stated that its BlockFi Interest Account is not a security.

BlockFi is fighting to resolve legal matters, enacted from multiple US states alleging that the firm’s flagship BlockFi Interest accounts (BIA) were unregistered securities. The legal issues have put BlockFi into crisis mode just as it is planning to go public after a potential $500 million Series E funding round, a deal that would bring the firm a total valuation of almost $5 billion.

The crypto lending firm is planning for a stock market debut that BlockFi’s Series E investors were informed could happen as soon as 2022.

It is unclear why Giancarlo leaves BlockFi’s board after being in the position for only four months. When he joined BlockFi in April 2021, he hinted at helping the firm bridge the gap between digital assets and traditional finance.

Giancarlo As the Contemporary Archetype

Giancarlo previously worked as the chairman of the CFTC for five years before leaving in April 2019. He left his mark on the CFTC as an advocate of modernized and digitalized regulatory processes, established LabCFTC as the derivatives-oversight agency’s focal point for regtech and fintech innovation, and became known as “Crypto Dad” for his interest in and openness to digital-asset products and blockchain technology.

In January 2020, Giancarlo co-founded the “Digital Dollar Project”, which seeks to encourage a US central bank digital currency development and discussions.

In March 2021, Giancarlo took a stake in crypto-asset and blockchain investment firm BlockTower Capital. In April this year, Post-trade and blockchain technology provider Baton Systems appointed him as a senior advisor, a role that the “Crypto Dad” continues performing to support the company’s post-trade payments and settlements growth strategy.

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BlockFi board of directors replaces ‘Crypto Dad’ after four months

by Cointelegraph

Former Commodity Futures Trading Commission chair Christopher Giancarlo, also known as “Crypto Dad,” will be leaving crypto lending firm BlockFi’s board of directors, but continuing to advise the group on digital assets.

In a Wednesday announcement, BlockFi said Ellen-Blair Chube, a managing director and client service officer at investment banking firm William Blair & Company, would be replacing Giancarlo. BlockFi founder and CEO Zac Prince cited Chube’s “strong financial services experience married with her deep knowledge of the public sector” in bringing her on as a board member, but added that Giancarlo would contribute in an informal capacity as an advisor.

“I’m looking forward to continuing to advise this impressive group of leaders, as they work to bridge the worlds of traditional finance and blockchain technology,” said Giancarlo. “I know that as crypto assets take a more prominent role in both retail and institutional investors’ strategies, BlockFi will be there to lead the way.”

It’s unclear why the Crypto Dad is leaving the firm’s board after being in the position for only four months. When he joined BlockFi in April, he also hinted at helping the firm bridge the gap between digital assets and traditional finance.

Giancarlo previously worked as the chair of the Commodity Futures Trading Commission, or CFTC, for five years before leaving in April 2019. Many in the space regard him as an ally to the crypto and blockchain industry, given he oversaw the launch of regulated Bitcoin (BTC) futures during his time as CFTC chair and had a “do no harm” approach to blockchain regulation, earning him the nickname “Crypto Dad.”

Though no longer serving in an official capacity for any U.S. government agency, the Crypto Dad occasionally makes public statements on crypto and blockchain regulation. He has claimed the CFTC should have in priority in regulating cryptocurrencies as opposed to the Securities and Exchange Commission, and argued that the XRP token does not fulfill the criteria to be considered a security.

Related: Ex-CFTC Chairman to Promote Blockchain-Based USD in New Think Tank

The change in leadership at BlockFi comes amid multiple U.S. states including New Jersey, Texas, and Alabama alleging that the company is illegally funding its crypto lending operations and proprietary trading through the sale of unregistered securities. The company has claimed its BlockFI Interest Account is not a security.

Cointelegraph reached out to Giancarlo for comment, but did not receive a response at the time of publication.