BlockFi board replaces “Crypto Dad” after four months

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Former Commodity Futures Trading Commission Chairman Christopher Giancarlo, also known as Crypto Dad, will step down from the board of directors of crypto lending firm BlockFis, but will continue to advise the group on digital assets.

In an announcement on Wednesday, BlockFi said Ellen-Blair Chube, managing director and customer service manager at investment bank William Blair & Company, would replace Giancarlo. BlockFi founder and CEO Zac Prince cited Chubes’ strong financial services background coupled with his in-depth knowledge of the public sector leading him to serve on the board, but added that Giancarlo would contribute informally in as an advisor.

I look forward to continuing to advise this impressive group of leaders as they strive to bridge the worlds of traditional finance and blockchain technology, Giancarlo said. I know that as crypto assets play a bigger role in the strategies of retail and institutional investors, BlockFi will be there to lead the way.

It is not known why Crypto Dad is leaving the company’s board of directors after being in office for only four months. When he joined BlockFi in April, he also suggested helping the company bridge the gap between digital assets and traditional finance.

Giancarlo previously served as Chairman of the Commodity Futures Trading Commission, or CFTC, for five years before leaving in April 2019. Many in the space see him as an ally of the crypto and blockchain industry, given that he oversaw the launch of Regulated Bitcoin (BTC) futures during his tenure as CFTC chairman and had a do no harm approach to blockchain regulation, which earned him the nickname Crypto Dad .

While no longer serving in an official capacity for any US government agency, the Crypto Dad occasionally makes public statements about the regulation of crypto and blockchain. He asserted that the CFTC should have priority in regulating cryptocurrencies over the Securities and Exchange Commission, and argued that the XRP token does not meet the criteria to be considered a security.

Related: Former CFTC Chairman To Promote Blockchain-Based USD In New Think Tank

The change in leadership at BlockFi comes amid several US states, including New Jersey, Texas and Alabama, alleging that the company is illegally funding its crypto lending and proprietary trading operations through the sale of unregistered titles. The company claimed that its BlockFI interest account was not a security.

Cointelegraph has reached out to Giancarlo for comment, but has not received a response at the time of posting.

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