CFTC’s Acting Chair Caroline Pham Makes Shock Move to Crypto Giant MoonPay as Mike Selig Takes Over

The revolving door between Washington and Wall Street just got a crypto upgrade.

Regulator to Rainmaker

Caroline Pham, the Commodity Futures Trading Commission's (CFTC) acting chair, is jumping ship—straight into the arms of MoonPay. Her exit is timed with Mike Selig's swearing-in, marking a high-profile defection from the regulatory front lines to the industry's commercial trenches. It's a move that blurs the lines between watchdog and innovator, raising eyebrows about the future of impartial oversight.

The Talent Drain

This isn't just a job change; it's a signal. Top-tier regulatory talent is increasingly being lured away by the siren song of crypto's growth potential and, let's be honest, its compensation packages. When the people writing the rules are poached by the players, it begs the question: who's left to hold the fort? It's the ultimate validation for the sector—and a potential governance headache waiting to happen.

MoonPay's Power Play

For MoonPay, snagging a figure of Pham's caliber isn't just a PR win. It's a strategic masterstroke in regulatory arbitrage. Her deep, insider knowledge of the CFTC's machinery, its pain points, and its future trajectory is an invaluable asset. It gives the payments infrastructure firm a formidable edge in navigating—and perhaps subtly shaping—the compliance landscape. In the high-stakes game of crypto, information is the ultimate currency.

The move underscores a brutal truth in modern finance: the real money isn't in enforcing the rules, but in expertly gaming them. As the crypto ecosystem matures, expect more regulators to trade their rulebooks for a seat at the table—proving once again that in the battle between principle and portfolio, the portfolio usually wins.

Caroline Pham’s Digital Asset Oversight at CFTC

Pham served the CFTC for four years, including her final year as acting chair of the derivatives regulator. Prior to serving as Commissioner, Pham was a Managing Director at Citigroup heading market structure for strategic initiatives.

During her tenure at the CFTC, she oversaw regulatory innovation and groundbreaking digital asset policy.

She pressed aggressively on the pro-crypto plans set out by President TRUMP during his executive orders, launching the “crypto sprint.” The initiative has been running in parallel with the Securities and Exchange Commission’s “Project Crypto.”

Last month, she announced a new prediction markets initiative, calling for nominations to head the CFTC arm.

Additionally, she proposed a regulatory sandbox – CFTC Digital Asset Markets Pilot Program – that lets Bitcoin, Ether and USDC serve as collateral in derivatives markets. Pham launched the program on December 8, along with new guidance on tokenized collateral.

Her successor, Mike Selig, is expected to be confirmed by the Senate this week, following a final vote. Pham’s departure to the crypto industry mirrors that of Bo Hines, former White House Crypto Council executive director, who joined Tether in August.

Similarly, in May, former CFTC commissioner Summer Mersinger left the agency to become chief executive of the crypto lobbying group Blockchain Association.

MoonPay Welcomes Pham to Head the Firm’s “Next Chapter of Growth”

In a separate announcement, payments company MoonPay announced the appointment of Pham as Chief Legal Officer and Chief Administrative Officer.

She will head the legal and administrative functions, alongside handling the firm’s policy and regulatory strategy in Washington.

Pham will “guide our next chapter of growth + compliance excellence following the conclusion of her role as Acting Chairman,” MoonPay wrote on X.

BREAKING: Caroline D. Pham is MoonPay's new Chief Legal Officer & Chief Administrative Officer@CarolineDPham will guide our next chapter of growth + compliance excellence following the conclusion of her role as Acting Chairman of the Commodity Futures Trading Commission (CFTC) pic.twitter.com/lVoGjmA562

“I’m excited to join MoonPay at a pivotal moment,” Pham noted.

Her appointment comes at a time when MoonPay is expanding its enterprise stablecoin business. The payments platform is collaborating with Exodus to roll out a US dollar-backed stablecoin designed for everyday use.