Regulation

As ‘Crypto Dad’ exits the CFTC, Treasury official to enter

June 6, 2019, 1:13PM EDT

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.

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.

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