Former CFTC Chief Says SEC’s Action Against Coinbase Was Intentional

Former CFTC Chairman Christopher Giancarlo has stated that the SEC’s decision to file charges against Coinbase just hours before the exchange’s Chief Legal Officer Paul Grewal testified before Congress was “deliberate.”

Grewal described the lawsuit as “disappointing but not surprising”. Giancarlo, who led the CFTC from 2017 to 2019, also noted that, from his experience of leading a federal agency, this step was likely thought out in advance.

Throughout his time at the CFTC, Giancarlo approved trading in Bitcoin futures and now leads the Digital Dollar Project, a non-profit organization which promotes the idea of issuing a national digital currency, and invested in BlockTower Capital, a cryptocurrency hedge fund.

Furthermore, Giancarlo just recently joined the advisory board of CoinFund, a cryptocurrency-focused investment company.