“Crypto Dad” Giancarlo to Be Replaced by Heath Tarbeth As New CFTC Chairman
The new chairman of the U. S. Commodity Futures Trading Commission (CFTC) will be Heath Tarbeth. He is set to replace J. Christopher Giancarlo, known as the “Crypto Dad” in some crypto circles because is positive around cryptocurrencies. The announcement was made today at a Senate confirmation hearing.
Despite the announcement coming out now, Giancarlo will still stay for a while. He has affirmed that he will stay until July 15, 2019. Then, Tarbert will follow his work on the CFTC.
In case you are not familiar with this regulatory agency, you should know that the tasks of the CFTC are to regulate over the counter traders, derivatives and digital assets within the boundaries of the U. S. jurisdiction (U. S. territory and residents).
During the leadership of Giancarlo, the agency took a light-handed approach, especially when compared to the U. S. Securities and Exchange Commission (SEC), which is notoriously more aggressive when dealing with crypto and blockchain companies.
Giancarlo affirmed that, during his time of service at the CFTC, he prioritized the goal of turning the CFTC into an institution that would be really a part of the 21st century and that would be really linked to digital markets. He also affirmed that he knows that Tarbert will continue his legacy and that the agency will remain in safe hands during the upcoming transition.
Before being designated for this position, Tarbert worked as the Acting Under Secretary for International Affairs. However, this was a very short-lived position as he started there in April this year and is already leaving. Before that, he worked for two years as the Assistant Secretary for International Markets.
Tarbert is also a member of an international regulator, the Financial Stability Board. There, he monitored global markets during his work.
He was chosen for this position with bipartisan support, as he won the vote by 87-8. In fact, even way before the vote, he was already one of the most probable figures to take the job.