J Christopher Giancarlo to advise CoinFund
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J Christopher Giancarlo to advise CoinFund

The former CFTC chair who first authorized bitcoin futures sees regulatory complexities ahead for crypto, blockchain and DeFi companies.

Photo: iStock

In January, CoinFund, founded in 2015 and one of the most prominent investors focused on blockchain technology, digital assets, decentralized finance and web 3.0, announced a new strategic adviser.

J Christopher Giancarlo, nominated a commissioner of the Commodity Futures Trading Commission (CFTC) in 2014 by president Barack Obama and then as its chairman in 2017 by president Donald Trump, will advise the venture capital firm on matters of policy.

The news comes as regulators around the world struggle to keep pace with the rapid growth of cryptocurrencies, non-fungible tokens (NFTs) and stablecoins, as well as with the increasing links between regulated financial firms with traditional investor customers and these new asset classes that first emerged on a separate, decentralized and regulatory-resistant market infrastructure.

Giancarlo’s term at the head of the CFTC will be remembered for the authorization of the first bitcoin futures in late 2017.

Giancarlo reflects on this pivotal moment now that Gary Gensler, chairman of the SEC, has finally responded to the relentless pressure to authorize cash-settled bitcoin exchange-traded funds, by instead approving ETFs based on bitcoin futures.

“I find some vindication in the SEC favouring a product based on the bitcoin futures market, which has been up and running for four years now,” Giancarlo tells Euromoney.

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