Caroline Pham, the acting chair of the US Commodity Futures Trading Commission, is leaving the agency to become chief legal and administrative officer at crypto payments firm MoonPay. Her move follows the expected confirmation of Mike Selig as her successor. This transition occurs as the crypto industry anticipates clearer regulations from Washington.
Caroline Pham, sworn in as a CFTC commissioner in April 2022 and elevated to acting chair in January 2025, announced her departure from the agency. She had indicated in May that she planned to return to the private sector once a permanent chair was appointed. Mike Selig, her successor, previously worked at law firm Willkie Farr & Gallagher and now serves as chief counsel for the Securities and Exchange Commission's Crypto Task Force and senior advisor to the chairman. His confirmation is expected this week.
Pham's tenure at the CFTC focused on crypto initiatives. Under her leadership, the agency permitted spot crypto trading on futures exchanges, launched a digital assets pilot program for cryptocurrencies like bitcoin, ether, and certain stablecoins in derivatives markets, and established the CEO Innovation Council to discuss market structure reforms. She also implemented operational changes yielding nearly $50 million in annualized cost savings through better governance and accountability. Her priorities included implementing presidential executive orders to promote regulatory clarity, ensure due process in enforcement, and improve efficiency across government agencies.
This move aligns with a trend of senior policymakers entering the crypto sector amid a shift from enforcement to rule-making. In May, former CFTC commissioner Summer Mersinger became chief executive of the Blockchain Association. In August, Bo Hines, a former White House digital asset policy coordinator, joined stablecoin issuer Tether as a strategic adviser.
Pham's path to MoonPay began with a 2023 meeting with company president Keith Grossman at a Christie's Art + Tech dinner, evolving into professional discussions. "MoonPay has really matured," Grossman said, "and Caroline is the exact type of leader with the exact type of big bank and regulatory experience that's needed for us to be able to move to the next level."
Founded in 2019 and based in New York, MoonPay provides software for consumers to buy and sell digital assets using traditional payment methods like credit cards, bank transfers, and Venmo. It also serves businesses such as Shopify and Polymarket. The firm has processed over $8 billion in transactions, serves more than 30 million users in 180+ countries, raised $555 million from investors including Tiger Global, Coatue, and Paradigm, and was valued at $3.4 billion in 2021.
Pham previously left the CFTC in 2014 to join Citigroup, overseeing regulatory implementation and compliance programs. "When I think about where I'm going to go, it always comes back to the people," she said. She expressed confidence in Selig, describing him as bringing "the best of both worlds" in expertise. "We're going to have to write a lot of rules," she added. "It's important to have someone who's in the weeds and hands-on to make sure we get them right."
MoonPay stated that Pham will "guide our next chapter of growth + compliance excellence following the conclusion of her role as Acting Chairman."
