In a notable shift within the financial sector, MoonPay announced on December 17, 2025, that Caroline D. Pham, the Acting Chairman of the Commodity Futures Trading Commission (CFTC), will transition to the company as its Chief Legal Officer (CLO) and Chief Administrative Officer (CAO). This move marks a significant “revolving door” moment, as Pham is a respected figure in derivatives and digital asset policy, poised to enhance MoonPay’s regulatory strategy upon leaving her position at the CFTC.
Her departure comes as the U.S. Senate prepares to confirm Michael Selig, a former official from the Securities and Exchange Commission’s Crypto Task Force, as her successor. This timing indicates a broader shift in governance and regulatory oversight in the rapidly changing cryptocurrency landscape.
During her tenure at the CFTC, which began in January 2025, Pham was a driving force behind a modernization agenda that redefined the agency’s approach to digital assets. Her initiatives included the launch of the CFTC Digital Asset Markets Pilot Program on December 8, 2025, a regulatory sandbox that allows firms to test tokenized assets and blockchain systems. This pioneering program aimed to provide legal clarity for institutional players seeking to navigate the complexities of digital finance.
Additionally, Pham’s leadership facilitated the entry of listed spot crypto products onto U.S. federally regulated futures exchanges. Her “Crypto Sprint” initiative sought to rapidly update guidance surrounding perpetual-style futures and continuous trading, thereby aligning traditional market structures with the unique demands of distributed ledger technology. MoonPay’s CEO, Ivan Soto-Wright, praised Pham’s extensive experience as essential for steering the company through an environment of increasing global compliance standards.
The strategic implications of Pham’s appointment for MoonPay are profound. The company has made significant strides in expanding its regulatory presence, achieving necessary licenses and authorizations, including a New York BitLicense, a New York Limited Purpose Trust Charter, and MiCA authorization in the European Union. These advancements position MoonPay to provide compliant “on-and-off-ramps” for digital transactions in nearly 180 countries.
With Pham leading legal and administrative operations, MoonPay is expected to enhance its focus on stablecoin infrastructure and institutional payment settlement. Just prior to Pham’s announcement, the company entered a partnership with Exodus to introduce a fully reserved, USD-backed “digital dollar,” slated for release in early 2026. This initiative represents a significant evolution for MoonPay, as it transitions from a payment gateway to a comprehensive issuer of digital value.
As the digital asset industry matures, the inclusion of experienced regulators like Pham in crypto firms signals a shift toward “compliance-as-a-service.” This new phase prioritizes regulatory adherence over the permissionless ethos that characterized the early days of the sector, suggesting that the future landscape will be shaped by a robust framework of governance.
