His appointment proves that there is a growing institutional embrace of crypto, particularly as the US sees renewed ETF inflows and increasing political support through legislation like the GENIUS Act. Giancarlo's move comes at a time of leadership turmoil at the CFTC, with Commissioner Kristin Johnson announcing her resignation, joining several other high-profile exits that could allow the Trump administration to fully reshape the agency. Meanwhile, the crypto industry is pressuring the SEC for clarity on staking rules, especially for ETFs tied to protocols like Solana. Although recent SEC guidance under Trump’s presidency has been a lot more favorable to crypto, formal policy on staking is still elusive. For now, it seem slike industry leaders are autiously optimistic about regulatory progress in the months ahead.
Crypto Dad Joins Sygnum
Christopher Giancarlo, the former chairman of the US Commodity Futures Trading Commission (CFTC), joined Swiss crypto bank Sygnum as a senior policy adviser. His appointment was announced on May 27,and it places him alongside 11 other experts on the bank’s Advisory Council. In this role, Giancarlo will help steer the company through changing global regulations and advise on strategic partnerships across both public and private sectors.
Christopher Giancarlo
Sygnum is widely recognized as the world’s first digital asset bank, and recently achieved unicorn status after a $58 million funding round. The firm operates in several international hubs including Switzerland, Singapore, and the United Arab Emirates, and offers a suite of regulated crypto asset services that are tailored for institutional clients.
Giancarlo served at the CFTC from 2017 to 2019, and has long been a vocal advocate for digital innovation in financial markets. This even earned him the nickname “crypto dad.” While he previously said that a broad political shift in Washington will be needed to pass meaningful pro-crypto legislation, that shift likely arrived with Donald Trump’s re-election in November. Nonetheless, Giancarlo dismissed speculation that he would take on a leadership role at the Securities and Exchange Commission (SEC) or the US Treasury after the election.
His move to Sygnum comes at a time when institutional adoption of digital assets is gaining good momentum. In the United States, inflows into Bitcoin exchange-traded funds (ETFs) recently surpassed $1.5 billion in just two days, which means that there is strong demand from professional investors. The progress of the GENIUS Act in the Senate also proves that there is growing political support for crypto.
According to Fidelity Digital Assets, Bitcoin’s surge to new all-time highs is reinforcing its reputation as a credible, long-term asset class. This sentiment is echoed in international markets, particularly in regions where Sygnum is active, like Singapore and the UAE. However, Sygnum CEO Matthias Imbach recently warned that Switzerland, despite being an early leader in digital finance, risks falling behind if it doesn’t maintain its innovative edge.
CFTC Faces Major Leadership Shakeup
Kristin Johnson, a commissioner at the CFTC, also recently announced her plans to step down from the agency later in 2025, after the conclusion of her term in April. Johnson was nominated by former President Joe Biden and began her tenure in March of 2022.
She revealed her departure in a statement that was issued on May 21. During her time at the CFTC, Johnson served as the sponsor of the Market Risk Advisory Committee, where she focused on issues related to decentralized financial products, including digital assets and cryptocurrency.
(Source: CFTC)
Her resignation adds to a wave of high-level exits from the five-seat commission, which is currently experiencing a major leadership reshuffle. Commissioners Summer Mersinger and Christy Goldsmith Romero both announced plans to leave by the end of May, and acting Chair Caroline Pham indicated she will transition to the private sector if the Senate confirms Brian Quintenz as the next CFTC chair. One seat remained vacant since former Chair Rostin Behnam stepped down in February, leaving the agency potentially without any of its current leadership by early 2026.
Kristin Johnson
The timing of Johnson’s departure means it is possible that her replacement, along with the rest of the commission’s leadership, could be chosen by President Donald Trump and confirmed by a Republican-controlled Senate. Trump nominated Quintenz to lead the CFTC in February, but the Senate has yet to vote on his confirmation. Under agency rules, commissioners are allowed to continue serving beyond their terms until successors are confirmed, provided it is before the next session of Congress.
The leadership turnover comes at a critical moment for digital asset regulation in the United States. The CFTC, alongside the SEC, plays a central role in overseeing aspects of the crypto market, though the current regulatory framework has been criticized by lawmakers and industry participants as lacking clarity. This fueled bipartisan efforts to establish formal legislation that defines how digital assets should be regulated and delineates the responsibilities of the CFTC and SEC in overseeing this sometimes complicated sector.
Crypto Industry Presses SEC for Staking Clarity
While the CFTC is dealing with its leadership shakeup, crypto industry groups are calling on the SEC to provide formal guidance on staking. They argue that continued regulatory uncertainty poses serious challenges for Web3 infrastructure providers.
According to Allison Muehr, head of staking policy at the Crypto Council for Innovation, clarifying the SEC’s stance has become one of the industry's top policy priorities. At Solana’s Accelerate conference in New York, Muehr explained that although there has been a recent increase in constructive dialogue with the SEC, the industry is still far from regulatory clarity. “We’re about 25% of the way there,” she said, and pointed out that the past four months have seen more engagement from the SEC than the previous four years combined, yet formal staking guidance is still lacking.
Allison Muehr
Under the previous presidential administration, the SEC was very aggressive in its enforcement actions against crypto firms offering staking services. The regulator alleged that they were unregistered securities offerings. However, since President Donald Trump returned to office in January, the SEC appears to have softened its position.
In February, the agency clarified that meme coins do not qualify as investment contracts under US law. Then, in April, the SEC further stated that stablecoins do not qualify as securities when marketed purely as payment instruments. Despite these developments, the agency still has to issue any official position on staking in ETFs, which leaves a big gap in regulatory guidance for financial products that involve staking mechanisms.
Muehr expressed optimism that the SEC may eventually greenlight staking in ETFs, including proposals tied to Solana. She mentioned that recent meetings with the agency have been productive, and she is still hopeful that the US market will soon see both a Solana ETF and a staked Solana ETF.
