Former CFTC Chair Christopher Giancarlo joins crypto bank Sygnum

Christopher Giancarlo, former chairman of the US Commodity Futures Trading Commission (CFTC), has joined Sygnum in an advisory role, where he will help the crypto bank navigate global regulations amid growing institutional interest in digital assets. 

Giancarlo’s appointment as senior policy adviser places him alongside 11 other members of Sygnum’s Advisory Council, the company disclosed on May 27.

In his role, Giancarlo will advise on regulations and strategic partnerships in both the public and private sectors. 

Sygnum is a Swiss banking group dedicated to providing crypto asset services. It’s often called the first digital asset bank, having recently achieved unicorn status following a $58 million funding round. 

Giancarlo, who headed the CFTC between 2017 and 2019, said he is joining Sygnum at a time when the global digital asset industry is nearing a turning point in institutional adoption.

Giancarlo has earned the moniker of “crypto dad” for his advocacy for digital assets, particularly in the United States. In 2023, he said a sweeping political shift in Washington, DC, would be necessary to enact pro-industry legislation. 

That shift appeared to materialize following Donald Trump’s presidential victory last November.

However, shortly after the election, Giancarlo quashed rumors that he would succeed outgoing Securities and Exchange Commission Chair Gary Gensler. He also shot down reports that he was interested in a crypto-related role at the US Treasury.

Related: Sygnum adds off-exchange crypto custody to Deribit with Fireblocks tech

Institutional adoption of digital assets heats up

A confluence of pro-crypto policies, the successful launch of Bitcoin exchange-traded funds (ETFs), and advances in tokenization and stablecoins has captured the attention of institutional investors over the past year.

In the United States, Bitcoin ETFs are on track for a record-breaking month, drawing $1.5 billion in inflows over just two days. 

On the regulatory front, the Senate passed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. If enacted into law, the bill could further accelerate institutional adoption, according to DWF Labs managing partner Andrei Grachev.

Meanwhile, Bitcoin’s rally to all-time highs has created a positive feedback loop where more institutions view BTC as a mature asset worthy of inclusion in modern portfolios, according to a recent report by Fidelity Digital Assets. 

Crypto also shows positive growth in places Sygnum is active, like Singapore and the United Arab Emirates. However, Sygnum’s CEO, Matthias Imbach, recently warned that the company’s native Switzerland may lose its competitive advantage as a crypto destination if it fails to keep innovating.

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