As 'Crypto Dad' exits the CFTC, Treasury official to enter

Regulation • June 6, 2019, 1:13PM EDT
UPDATED: June 6, 2019, 2:29PM EDT
The Block

The Commodity Futures Trading Commission (CFTC) is losing its “Crypto Dad” J. Christopher Giancarlo for a senior Treasury official. The U.S. Senate voted to approve Heath Tarbert as the next chairman of the CFTC in a 84-9 vote Wednesday.

The CFTC regulates products like derivatives under the Commodity Exchange Act to protect traders from abusive practices.

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During his time as chairman, Giancarlo established review processes for cryptocurrencies. His attention to the emerging crypto market earned him the title of “Crypto Dad” from multiple media outlets. In an open letter published on CoinDesk regarding his departure, he said he was “humbled by the moniker.”

Tarbert has worked with the U.S. Department of the Treasury since 2017, currently as a member of its Financial Stability Board and some of the board’s committees. He is slated to take his post with the CFTC on July 15, according to The Wall Street Journal.

About Author

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.

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