Christopher Giancarlo, known as CryptoDad for his cryptocurrency-friendly stance, will serve on Paxos along with other Board members. The Council also includes former New Jersey Democratic Senator Bill Bradley.
Paxos CEO Charles Cascarilla is confident that Giancarlo's ideas will help Paxos expand its position in the regulated digital asset market, develop innovation in the field of stablecoins and improve the infrastructure of the financial system.
Giancarlo served as Chairman of the CFTC from March 2017 to April 2019, overseeing the launch of the first Bitcoin futures ETF. Giancarlo later wrote a book about cryptocurrency derivatives, CryptoDad: The Fight for the Future of Money. He was also involved in the digital dollar project.
“I am honored to join the Paxos Board of Directors and contribute to the development of the financial sector. Paxos is committed to compliance and the company's vision for creating a more efficient financial system resonates with my beliefs in many ways,” said Giancarlo.
Paxos is known for issuing stablecoins PayPal USD, Pax Dollar and Pax Gold. The company is regulated by the New York State Department of Financial Services. Paxos came under regulatory scrutiny last year, with the US Securities and Exchange Commission (SEC) suing Paxos Trust for listing the Binance USD stablecoin. The agency said Paxos violated securities laws.
Meanwhile, Paxos is expanding its international presence. In November, the company announced that it had received preliminary approval from the Monetary Authority of Singapore (MAS) to launch a new US dollar-backed stablecoin.
Source: Bits
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