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

Former Commodity Futures Trading Commission chair Christopher Giancarlo, also known as “Crypto Dad,” will be leaving crypto lending firm BlockFi’s board of directors, but continuing to advise the group on digital assets.
In a Wednesday announcement, BlockFi said Ellen-Blair Chube, a managing director and client service officer at investment banking firm William Blair & Company, would be replacing Giancarlo. BlockFi founder and CEO Zac Prince cited Chube’s “strong financial services experience married with her deep knowledge of the public sector” in bringing her on as a board member, but added that Giancarlo would contribute in an informal capacity as an advisor.
“I’m looking forward to continuing to advise this impressive group of leaders, as they work to bridge the worlds of traditional finance and blockchain technology,” said Giancarlo. “I know that as crypto assets take a more prominent role in both retail and institutional investors’ strategies, BlockFi will be there to lead the way.”
It’s unclear why the Crypto Dad is leaving the firm’s board after being in the position for only four months. When he joined BlockFi in April, he also hinted at helping the firm bridge the gap between digital assets and traditional finance.
Giancarlo previously worked as the chair of the Commodity Futures Trading Commission, or CFTC, for five years before leaving in April 2019. Many in the space regard him as an ally to the crypto and blockchain industry, given he oversaw the launch of regulated Bitcoin (BTC) futures during his time as CFTC chair and had a “do no harm” approach to blockchain regulation, earning him the nickname “Crypto Dad.”
Though no longer serving in an official capacity for any U.S. government agency, the Crypto Dad occasionally makes public statements on crypto and blockchain regulation. He has claimed the CFTC should have in priority in regulating cryptocurrencies as opposed to the Securities and Exchange Commission, and argued that the XRP token does not fulfill the criteria to be considered a security.
Related: Ex-CFTC Chairman to Promote Blockchain-Based USD in New Think Tank
The change in leadership at BlockFi comes amid multiple U.S. states including New Jersey, Texas, and Alabama alleging that the company is illegally funding its crypto lending operations and proprietary trading through the sale of unregistered securities. The company has claimed its BlockFI Interest Account is not a security.
Cointelegraph reached out to Giancarlo for comment, but did not receive a response at the time of publication.