Decentralized Finance (DeFi) betting platform, Polymarket has tapped the services of Christopher Giancarlo, the former head of the Commodity Futures Trading Commission (CFTC) as the chairman of its Advisory Board.
As revealed by Shayne Coplan, the appointment comes off as the first in the DeFi world which would be featuring a high-profile government official.
It's the first time a former senior US regulator has taken a position of this stature at a DeFi company.
Here's why it matters for the future of web3 in ??: https://t.co/FvbdteapzF
— Shayne Coplan (@shayne_coplan) May 19, 2022
Chris Giancarlo will bring his experiences manning the affairs of the CFTC and as a prominent advocate in the digital currency ecosystem. Giancarlo comes off as one of the few known regulators who aligns with the future that digital currencies are aiming to usher in, and for that, has earned the tag of ‘Crypto Dad’.
As a betting startup utilizing stablecoins for settlements, the CFTC brought an enforcement action against Polymarket for “offering off-exchange event-based binary options contracts and failure to obtain designation as a designated contract market (DCM) or registration as a swap execution facility (SEF).”
In settlement, the startup paid a fine of $1.4 million at the start of the year and moved its central operations overseas. With Giancarlo, the platform can now get access to more forward-thinking regulatory counsel as it seeks to expand to new markets.
“I’ve spent a lifetime at the junction of financial markets, technology, law, and regulation,” Giancarlo said. “Polymarket was pursued by the CFTC, they reached the settlement, they paid the price, moved everything offshore, and they’re doing what is required of them. I’m very proud to now help advise them on where to go from here on out.”
Growing List of Top Regulators Joining Crypto Firms
The digital currency ecosystem is undoubtedly finding a balance with respect to local regulatory demands and one of the ways to achieve this is through the appointment of veterans that have served with government agencies.
While former US Securities and Exchange Commission (SEC) Chairman, Jay Clayton currently sits on the board of One River Asset Management, former OCC Boss Brian Brooks is also serving as a non-executive director at Voyager Digital.
Exchanges like Binance have specialized in tapping the services of former executives in the judiciary in both the United States and Great Britain amongst others.