Former U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo, affectionately dubbed “Crypto Dad” by the crypto community, has become the guiding hand as a member of the advisory board at the Chamber of Digital Commerce, a Washington D.C. – based non-profit composed of digital assets and blockchain players. The chamber’s stated mission is to “promote acceptance and use of digital assets and blockchain-based technologies.”
Along with SEC Commissioner Hester Pierce, Giancarlo has been among the few conciliatory voices in a regulatory system hostile to the idea of cryptocurrencies. During a Congressional hearing last year, his opinions tempered the more extreme ones expressed by SEC Chair Jay Clayton. “We owe it to this new generation to respect their enthusiasm for virtual currencies, with a thoughtful and balanced response, and not a dismissive one,” he said.
Giancarlo is the not the first regulator to capitalize on his understanding of the crypto ecosystem. Benjamin Lawsky, Former Superintendent of the New York Department of Financial Services (NYDFS), joined the board of Ripple, a blockchain that counts some of the world’s biggest banks as its clients, after his tenure at the government agency. Lawsky architected the New York’s BitLicense law that resulted in an exodus of crypto-related businesses from the state.