Paxos, a leading stablecoin issuer, has announced the appointment of J. Christopher Giancarlo, former Chair of the Commodity Futures Trading Commission (CFTC), to its board of directors. Giancarlo, affectionately known as "CryptoDad," will join a distinguished board that includes former U.S. Senator Bill Bradley (D-N.J.).

Paxos CEO Charles Cascarilla expressed enthusiasm for Giancarlo's addition, stating, "He has been at the forefront of advocating for blockchain to improve the infrastructure of our financial system. His insights will support us as we expand our position as a leader in regulated digital asset market structure and stablecoin innovation."

Giancarlo is renowned for his tenure as CFTC Chair from March 2017 to April 2019, during which he oversaw the launch of the first bitcoin futures products. He is also the co-founder of the Digital Dollar Project, an initiative exploring digital innovation, including a U.S. central bank digital currency (CBDC). His contributions to the sector are also documented in his book, "CryptoDad: The Fight for the Future of Money."

In his new role at Paxos, Giancarlo will leverage his extensive experience to aid the company's growth and regulatory compliance. Paxos, regulated by the New York Department of Financial Services, issues prominent digital assets such as PayPal USD, Pax Dollar, and Pax Gold. Last year, Paxos ceased issuing Binance USD following regulatory scrutiny of its ties to Binance.

"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."

Giancarlo's appointment is expected to bolster Paxos’s efforts in expanding its influence and innovation within the regulated digital asset market.