BlockFi board of directors replaces ‘Crypto Dad’ after four months

Former Commodity Futures Buying and selling Fee chair Christopher Giancarlo, often known as “Crypto Dad,” will likely be leaving crypto lending agency BlockFi’s board of administrators, however persevering with to advise the group on digital belongings.

In a Wednesday announcement, BlockFi said Ellen-Blair Chube, a managing director and shopper service officer at funding banking agency William Blair & Firm, could be changing Giancarlo. BlockFi founder and CEO Zac Prince cited Chube’s “robust monetary providers expertise married along 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 trying ahead to persevering with to advise this spectacular group of leaders, as they work to bridge the worlds of conventional finance and blockchain expertise,” mentioned Giancarlo. “I do know that as crypto belongings 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 under 4 months. When he joined BlockFi in April, he additionally hinted at serving to the agency bridge the hole between digital belongings 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 area 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 now not serving in an official capability for any U.S. authorities company, the Crypto Dad sometimes makes public statements on crypto and blockchain regulation. He has claimed the CFTC ought to have in priority in regulating cryptocurrencies versus the Securities and Alternate Fee, and argued that the XRP token does not fulfill the criteria to be thought of a safety.

Associated: Ex-CFTC Chairman to Promote Blockchain-Based USD in New Think Tank

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 isn’t a safety.

Cointelegraph reached out to Giancarlo for remark, however didn’t obtain a response on the time of publication.