Former CFTC chair Chris Giancarlo joins Digital Asset’s board

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Many in the crypto and blockchain space referred to Giancarlo as “Crypto Dad” for his role in supporting digital assets during his five years at the CFTC.

Chris Giancarlo, who served as chair for the U.S. Commodity Futures Trading Commission until 2019, will be joining the board of directors for blockchain startup Digital Asset.

In a Tuesday announcement, Digital Asset said Giancarlo would be providing counsel on asset tokenization, distributed ledger technology, and the possible impact of regulatory developments on the crypto space. The former CFTC chair is currently working as senior counsel at the Willkie Farr & Gallagher law firm and co-founded the Digital Dollar Project, a non-profit organization aimed at generating data to inform U.S. lawmakers on developing a central bank digital currency, or CBDC.

“We are on the precipice of a digital economic transformation that will necessitate safe and secure ways for businesses to interconnect and share assets,” said Giancarlo.

I’m excited to join the board of @digitalassetcom at this critical stage in emerging #web3 evolution. https://t.co/NXJW9dtafk
— Chris Giancarlo (@giancarloMKTS) January 25, 2022

During his time as CFTC chair, Giancarlo also served as a member of the U.S. Financial Stability Oversight Committee, the President's Working Group on Financial Markets and the executive board of the International Organization of Securities Commissions. Many in crypto and blockchain referred to him as “Crypto Dad” for supporting digital assets during his five years at the CFTC, including overseeing the launch of regulated Bitcoin (BTC) futures and advocating for a “do no harm” approach to blockchain regulation.

Giancarlo was replaced as chair by Heath Tarbert in July 2019, for whom current CFTC commissioner Rostin Behnam took over in 2021 as acting chair before being confirmed by the Senate in December. Though no longer serving in an official capacity for any U.S. government agency, the Crypto Dad was on the board of directors at BlockFi for four months in 2021, and recently joined blockchain investment firm CoinFund as a strategic advisor.

Digital Asset has raised more than $300 million through funding rounds since its founding in 2014, most recently raising $120 million in a Series D financing round in April 2021. The firm has acquired firms in the crypto and blockchain space including Hyperledger, Bits of Proof, Blockstack and Elevence.

Blockfi

“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 Christopher Giancarlo.

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.

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.

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