CFTC Chair Caroline Pham to Step Down and Join Cryptocurrency Company

Caroline Pham, the crypto-friendly Interim Chair of the US Commodity Futures Commission (CFTC), is taking on a new role as Chief Legal and Administrative Officer at crypto payment company MoonPay. According to sources close to the matter, in her new role Pham will oversee the company’s global legal and administrative operations and lead its Washington-based policy and regulatory strategy.

Pham’s move to MoonPay coincides with the end of his nearly four-year term on the CFTC, as his successor, Mike Selig, is due to face Senate confirmation this week. Pham, who began his term as a Republican and served as interim chair for the final year, aims to extend his regulatory influence to the private sector.

While not completely severing ties with Washington following the change of role, Pham will remain at the center of regulatory engagements in the US capital on behalf of MoonPay. In a statement, Pham said, “I am excited to join MoonPay at this critical time.”

During his final year at the CFTC, Pham spearheaded a comprehensive modernization process for the crypto markets. Under his self-named “Crypto Sprint,” he focused on implementing the recommendations in the White House Digital Assets Report published in August. This included enabling spot crypto products to be traded on regulated US markets via CFTC-registered futures exchanges, launching a pilot program allowing BTC, ETH, and USDC to be used as collateral in US derivatives markets, and working towards accepting tokenized assets like Treasury bonds and money market funds as collateral. Pham also announced plans to revise the 2020 guidance on “actual delivery” of digital assets to align with current regulations.

In addition, Pham established the CFTC CEO Innovation Council, comprised of 12 CEOs, to address structural issues in derivatives markets, and launched the Digital Asset Markets Pilot Program, aimed at promoting responsible innovation in the crypto space.

Pham’s close collaboration with SEC Chairman Paul Atkins also drew attention. The two “sister institutions,” historically at odds over digital assets, have adopted a more coordinated approach this year in areas such as crypto, DeFi, prediction markets, and perpetual futures trading.

MoonPay CEO Ivan Soto-Wright described Pham as “one of the most influential leaders in U.S. financial regulation,” arguing that he was “the right leader” for the company’s growth and compliance process.

*This is not investment advice.