Christopher Giancarlo joined the crypto lending firm in April, before New Jersey regulators accused it of selling unregistered securities.
Crypto lender BlockFi suffered a setback Wednesday when its high-profile independent director resigned after just four months.
Former Commodity Futures Trading Commission chairman Christopher Giancarlo, known as “Crypto Dad” in the industry for some early, positive support of cryptocurrencies, did not give a reason for stepping down. However, the company is under fire from regulators in several states for dealing in unregistered securities.
“I was immediately struck by the caliber of leadership and strength of retail and institutional product offering at BlockFi. So many of the crypto-firsts have been pioneered by this organization, and I am excited to count myself as part of the board that will support BlockFi’s mission of financial inclusion, continued innovation and the next tranche of industry firsts that are to come.”
Giancarlo did not completely cut ties with BlockFi, saying “the best is yet to come” for the company. He said:
“BlockFi is an institution that is critical to the broader crypto ecosystem. 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.”
Giancarlo joined BlockFi’s board on April 20, saying it “provides a model for how to responsibly and thoughtfully manage innovation while also improving the financial well-being of their customers.”
The New Jersey order was delayed for a second time on Sept. 1.