Paxos, a leading stablecoin issuer, has announced the addition of J. Christopher Giancarlo, former Commodity Futures Trading Commission (CFTC) Chair, to its board of directors. Giancarlo, also known as "CryptoDad," will bring his expertise to the table alongside other esteemed directors, including former US Senator Bill Bradley.

Giancarlo's appointment is expected to support Paxos' growth and innovation in the digital asset market. According to Paxos CEO Charles Cascarilla, Giancarlo has been a pioneer in advocating for blockchain technology to enhance the financial system's infrastructure. His insights will be invaluable as Paxos continues to lead the way in regulated digital asset market structure and stablecoin innovation.

Paxos, regulated by the New York Department of Financial Services, issues several stablecoins, including PayPal USD, Pax Dollar, and Pax Gold. Last year, the company faced regulatory scrutiny over its ties to Binance's USD stablecoin, resulting in the discontinuation of Binance USD issuance.

Giancarlo, who chaired the CFTC from 2017 to 2019, oversaw the launch of the first bitcoin futures products and later authored a book on bitcoin derivatives. He also co-founded the Digital Dollar Project, exploring digital innovation, including a US central bank digital currency. Giancarlo expressed his enthusiasm for joining Paxos' board, citing the company's commitment to compliance and its dedication to building a more efficient and inclusive financial system.