Nikolas Sargeant
Caroline Pham, Acting Chair of the Commodity Futures Trading Commission, will depart the US derivatives regulator to join cryptocurrency payments firm MoonPay once the Senate confirms her replacement, marking another high-profile transition from government oversight to the digital asset industry.
Pham will assume the roles of Chief Legal Officer and Chief Administrative Officer at MoonPay following the confirmation of President Trump's nominee Mike Selig as the CFTC's next chairman. "I'm looking forward to a successful confirmation of Mike Selig as the CFTC's next chairman and a smooth transition once he is sworn in," Pham wrote on X. "The future is bright. Onward and upward."
Pham served the CFTC for four years, including her final year as acting chair of the derivatives regulator. Prior to her commissioner appointment, she was a Managing Director at Citigroup overseeing market structure for strategic initiatives. During her CFTC tenure, she championed regulatory innovation and advanced digital asset policy frameworks.
She aggressively pursued pro-cryptocurrency initiatives outlined in President Trump's executive orders, launching the "crypto sprint" program that operated in parallel with the Securities and Exchange Commission's "Project Crypto." Last month, she announced a new prediction markets initiative, calling for nominations to lead the CFTC division focused on event-based derivatives contracts.
Pham proposed the CFTC Digital Asset Markets Pilot Program, a regulatory sandbox allowing Bitcoin, Ether, and USDC to serve as collateral in derivatives markets. She formally launched the program on December 8 alongside new guidance on tokenized collateral acceptance, expanding the range of digital assets eligible for use in regulated futures and options trading.
Her successor Mike Selig is expected to receive Senate confirmation this week following a final floor vote, enabling Pham's transition to the private sector. Pham's departure mirrors recent movements from government cryptocurrency oversight to industry positions, including Bo Hines, former White House Crypto Council executive director who joined Tether in August, and former CFTC Commissioner Summer Mersinger who became chief executive of the Blockchain Association lobbying group in May.
MoonPay announced Pham's appointment in a separate statement, confirming she will oversee legal and administrative functions while managing the firm's policy and regulatory strategy in Washington. "She will guide our next chapter of growth + compliance excellence following the conclusion of her role as Acting Chairman," MoonPay wrote on X.
"I'm excited to join MoonPay at a pivotal moment," Pham stated. Her appointment coincides with MoonPay's expansion of its enterprise stablecoin business, including collaboration with cryptocurrency wallet provider Exodus to develop a US dollar-backed stablecoin designed for everyday payment applications.
The transition continues a pattern of regulatory officials joining cryptocurrency companies they previously oversaw, raising ongoing questions about the revolving door between government agencies and the digital asset sector. Industry advocates argue former regulators bring valuable expertise to compliance-focused roles, while critics express concern about potential conflicts of interest when officials transition to firms operating under their former jurisdiction.
