Christopher Giancarlo, the Chairman of the Commodity Futures Trading Commission (CFTC), has confirmed that he does not intend to seek reappointment when his term ends on April 13 2019.
Speaking to IFLR Americas reporter John Crabb at the International Swaps and Derivatives Association (Isda) annual general meeting in Miami this week, Giancarlo confirmed his intention to retire from public office when his term ends.
Further to that, a statement from the CFTC reiterated that while the Chairman’s does not wish to seek reappointment, his initial term is for five years, after which point he serves at the pleasure of the President.
He is content to continue to serve until such time the President names a successor. That could be as long as the full Trump administration, but that decision would be up to the President. He won’t be walking out the door in April, they said.
The market will no doubt be sad to see him go, his pragmatic approach to rejuvenating the swaps and options regulator has been met with wide bipartisan approval.
In the year since his nomination Giancarlo has implemented several successful initiatives, including Project Kiss which began the review process of how existing regulation was interpreted and Lab CFTC which has been addressing fintech in the space.
The chairman has also been widely acknowledged for his work to regulate the burgeoning cryptocurrency space, often referring to himself as ‘cryptodad’ on official social media accounts.
More recently, Giancarlo announced the agency’s extensive Swaps reform 2.0, which looks to reinvigorate the swaps industry’s regulatory mission.
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