Former Commodity Futures Buying and selling Fee chair Christopher Giancarlo, also referred to as “Crypto Dad,” will likely be leaving crypto lending agency BlockFi’s board of administrators, however persevering with to advise the group on digital property.
In a Wednesday announcement, BlockFi stated Ellen-Blair Chube, a managing director and consumer service officer at funding banking agency William Blair & Firm, could be changing Giancarlo. BlockFi founder and CEO Zac Prince cited Chube’s “sturdy monetary providers expertise married together with her deep information of the general public sector” in bringing her on as a board member, however added that Giancarlo would contribute in an off-the-cuff capability as an advisor.
“I’m wanting ahead to persevering with to advise this spectacular group of leaders, as they work to bridge the worlds of conventional finance and blockchain know-how,” stated Giancarlo. “I do know that as crypto property take a extra outstanding position in each retail and institutional buyers’ methods, BlockFi will likely be there to prepared the ground.”
It’s unclear why the Crypto Dad is leaving the agency’s board after being within the place for less than 4 months. When he joined BlockFi in April, he additionally hinted at serving to the agency bridge the hole between digital property and conventional finance.
Giancarlo beforehand labored because the chair of the Commodity Futures Buying and selling Fee, or CFTC, for 5 years earlier than leaving in April 2019. Many within the house regard him as an ally to the crypto and blockchain business, given he oversaw the launch of regulated Bitcoin (BTC) futures throughout his time as CFTC chair and had a “do no hurt” strategy to blockchain regulation, incomes him the nickname “Crypto Dad.”
Although not serving in an official capability for any U.S. authorities company, the Crypto Dad often makes public statements on crypto and blockchain regulation. He has claimed the CFTC ought to have in precedence in regulating cryptocurrencies versus the Securities and Alternate Fee, and argued that the XRP token doesn’t fulfill the standards to be thought of a safety.
The change in management at BlockFi comes amid a number of U.S. states together with New Jersey, Texas, and Alabama alleging that the corporate is illegally funding its crypto lending operations and proprietary buying and selling by means of the sale of unregistered securities. The corporate has claimed its BlockFI Curiosity Account will not be a safety.
Cointelegraph reached out to Giancarlo for remark, however didn’t obtain a response on the time of publication.