Caroline Pham to Leave CFTC and Join MoonPay as Chief Legal and Administrative Officer
Caroline Pham, the acting chairwoman of the US Commodity Futures Trading Commission (CFTC), has announced her plans to leave the financial regulator to join MoonPay, a leading cryptocurrency payment platform. This move comes after the Senate confirms her successor, marking a significant shift in Pham’s career trajectory.
Background and Context
Pham became the acting chair of the CFTC in January, as part of a change in presidential administration. During her tenure, she has been the only Republican commissioner at the CFTC for several months, following the expiration and resignation of other leaders’ terms. In May, Pham stated that she planned to leave the CFTC after the Senate confirmed Brian Quintenz, President Donald Trump’s first nominee, to replace her as chairman.
However, after facing pushback from Gemini co-founders Cameron and Tyler Winklevoss, the White House withdrew Quintenz’s nomination and later named Securities and Exchange Commission official Michael Selig as the president’s nominee for CFTC chairman. This development led to Pham’s eventual decision to join MoonPay as chief legal and administrative officer.
Revolving Door Concerns
The move has raised concerns about the “revolving door” hiring strategies in the crypto industry, where government officials take on roles in the private sector shortly after leaving public office. Summer Mersinger, another CFTC commissioner, left the agency in May to become CEO of the Blockchain Association, a cryptocurrency advocacy group.
US Senator Elizabeth Warren has spoken out about this issue, suggesting that some government officials may be using their positions as an “audition” for lobbying and regulatory roles at crypto companies and organizations. Warren, along with several other lawmakers, signed a 2022 letter highlighting similar concerns about officials’ priorities during their time in office.
Future Developments
Exodus and MoonPay are set to launch stablecoins in early 2026, joining the growing trend in the crypto industry. During her time as acting chair, Pham’s agenda was consistent with White House policies, including those related to the cryptocurrency industry. She reported that the CFTC had taken only 18 actions and no enforcement actions during her tenure.
Pham also launched the Crypto CEO Forum and the CEO Innovation Council, which were attended by executives from crypto companies. As she takes on her new role at MoonPay, it will be interesting to see how her experience and expertise shape the company’s future endeavors.
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