Chris Giancarlo, the previous chair of the US Commodity Futures Buying and selling Fee, is stepping away from legislation to develop into a full-time adviser to cryptocurrency corporations.
Giancarlo, known as “Crypto Dad” whereas in workplace for his crypto advocacy, posted to X on Sunday that he was leaving the legislation agency Willkie Farr & Gallagher and retiring from legislation altogether as he makes the change to advising crypto and fintech firms.
“From right here on, I will commit my time to advising founders & builders of FinTech & Digital Property and their CEOs and boards, analysis & writing on public coverage points, and persevering with work with non-profit packages,” he stated.
Giancarlo was sworn in as a CFTC commissioner in 2014 through the Obama administration, earlier than President Donald Trump nominated him to be chairman, a title he held between August 2017 and July 2018.
Throughout his stint as chair, he oversaw the approval of the primary Bitcoin futures markets within the US and earned the nickname “crypto dad” for his early assist for the sector and advocacy for regulation.
Giancarlo has continued to weigh in on crypto regulatory issues and has advised the crypto bank Sygnumserving to information the agency on international rules and strategic partnerships.
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In early March, Giancarlo appeared on an episode of Scott Melker’s “The Wolf of All Streets” podcast and performed down considerations of key proposed regulatory packages just like the CLARITY Act not making progress in Congress, arguing that the CFTC and Securities and Alternate Fee would nonetheless be capable to establish rules to bring clarity to the trade.
Giancarlo acknowledged, nonetheless, that this might deter banks from delving deeper into the trade and emphasised the significance of embracing the know-how.
“I believe there is a recognition that that is the brand new structure of finance and America, our monetary establishments are the world’s dominant monetary establishments. We have to modernize that. We have to undertake this know-how,” he stated.
Giancarlo is not the one CFTC chair to make a change from authorities to the crypto sector. In December, former CFTC appearing chair Caroline Pham stepped down from the CFTC to develop into the chief authorized officer at crypto agency MoonPay.
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