Synopsis: CFTC Acting Chair Caroline Pham will join crypto payments firm MoonPay as chief legal and administrative officer once Mike Selig receives Senate confirmation, marking another high-profile regulator-to-industry move.
A major shift in crypto regulation is unfolding this week. Caroline Pham, the acting head of the U.S. Commodity Futures Trading Commission, has confirmed her move to crypto payments firm MoonPay. The transition will happen once President Donald Trump’s nominee Mike Selig receives Senate confirmation and takes the oath.
This departure marks another significant move of top financial regulators into the private crypto sector. Pham’s exit comes after she launched several crypto-friendly initiatives at the CFTC. On the otherhand, Selig was scheduled for a Senate confirmation vote on Wednesday evening as part of a larger nominee package.
CFTC Leadership Transition
The Senate Banking Committee moved forward with Selig’s nomination in recent weeks. He currently serves as chief counsel for the SEC’s Crypto Task Force. Moreover, he works as senior advisor to the SEC chairman on digital asset policy.
Pham has led the derivatives regulator since January 2025 as acting chairman. She previously served as a CFTC commissioner starting in April 2022. Before that, she worked as managing director at Citigroup overseeing global swap operations.
The timing of her departure announcement raised eyebrows among industry watchers. MoonPay officially confirmed the hire on Wednesday, December 17. Pham posted on social media platform X that she looks forward to “a smooth transition.”
New Role at MoonPay
Pham will take on dual roles as chief legal officer and chief administrative officer. She will oversee all global legal and administrative functions at the company. Additionally, she will lead MoonPay’s policy and regulatory strategy in Washington.
“I’m excited to join MoonPay at a pivotal moment,” Pham stated in the company’s announcement. She described the future as “bright” in her social media posts. Her connection to MoonPay began in 2023 after meeting company president Keith Grossman at an art event.
MoonPay CEO Ivan Soto-Wright praised Pham’s regulatory expertise in a statement. “Caroline is one of the most influential leaders in U.S. financial regulation,” he said. He called her the “perfect leader” to guide the company’s growth and compliance.
The crypto payments platform processed over $8 billion in transactions for 30 million users. It operates in 180 countries and recently obtained a New York trust charter. Furthermore, the company holds a New York BitLicense for crypto trading and payments.
Major Policy Wins
Pham pursued an aggressive pro-crypto agenda during her tenure as acting chairman. She implemented several groundbreaking initiatives in December 2025 alone. These moves positioned the CFTC as a potential lead regulator for crypto markets.
The agency approved its first-ever spot cryptocurrency products for listed trading. Bitcoin and ether can now trade on CFTC-registered futures exchanges. This represented a historic expansion of the regulator’s oversight.
She also launched a Digital Assets Pilot Program last month. The initiative allows certain cryptocurrencies and stablecoins as collateral in derivatives markets. Additionally, Pham formed a CEO Innovation Council to engage industry leaders.
Her reforms claimed nearly $50 million in annualized cost savings through internal efficiencies. These initiatives aligned with executive orders promoting regulatory clarity for digital assets. However, the timing raised questions about potential conflicts of interest.
Concerns About Regulatory Ethics
Better Markets, a financial reform advocacy group, sharply criticized Pham’s transition. The organization accused her of “brazen apparent conflicts of interest” in pushing crypto policies. Reports of her MoonPay plans reportedly circulated months before the official announcement.
Critics argue she should have disclosed her job discussions earlier. They claim she continued advancing pro-crypto initiatives without proper recusal. These policies potentially benefit the very industry she plans to join.
Supporters counter that regulatory expertise naturally transfers to private sector roles. They note her initiatives advanced long-stated CFTC goals for innovation and clarity. The revolving door between regulators and industry remains common in financial markets.
Selig’s confirmation is expected to maintain momentum on crypto policy development. He brings deep digital asset expertise from his SEC role. Industry observers anticipate continued rule-writing for cryptocurrencies under his leadership.
Written By Fazal Ul Vahab C H
