According to Forbes, Caroline Pham, the acting chair of the Commodity Futures Trading Commission (CFTC), is leaving the agency to join crypto payments company MoonPay as its chief legal and administrative officer. Her departure follows the Wednesday confirmation of her successor, Mike Selig, who currently serves as chief counsel for the SEC’s Crypto Task Force. Pham, sworn in as a commissioner in April 2022 and elevated to acting chair in January 2025, had said in May she planned to return to the private sector. Her move mirrors other exits, like former CFTC commissioner Summer Mersinger joining the Blockchain Association in May and ex-White House policy aide Bo Hines going to Tether in August. Under Pham, the CFTC pushed several crypto initiatives, including allowing spot crypto trading on futures exchanges and launching a digital assets pilot program.
The Revolving Door Spins Faster
Here’s the thing: this isn’t just one person changing jobs. It’s a pattern. And it signals a profound shift in where the action is. Washington’s crypto war is moving from the enforcement trenches to the rule-writing tables. When that happens, the people who know how to navigate those halls suddenly become incredibly valuable to the companies that will be governed by the new rules. Pham’s path is a textbook example. She left the CFTC once before in 2014 for Citigroup to work on regulatory implementation. Now, she’s doing it again, but for an industry that’s essentially being built from scratch. It’s a huge talent and credibility grab for MoonPay.
Why MoonPay Made This Move
So why does a crypto payments company need a former top derivatives regulator? Look, MoonPay isn’t some scrappy startup anymore. Founded in 2019, it’s processed over $8 billion for 30+ million users and was last valued at $3.4 billion in 2021. Keith Grossman, MoonPay’s president, basically said it outright: the company has “matured,” and they need a leader with “big bank and regulatory experience” to get to the “next level.” That next level is almost certainly about navigating the coming wave of U.S. regulation, especially if Congress passes a market structure bill that solidifies the CFTC’s authority. Pham isn’t just a lawyer; she’s an operator who pushed through nearly $50 million in annualized cost savings at the CFTC. She knows how to build and run complex, compliant systems at scale.
The Regulatory Road Ahead
Pham’s confidence in her successor, Mike Selig, is telling. She says they’re “going to have to write a lot of rules” and need someone “in the weeds.” That’s the real story here. The regulatory framework for crypto in the U.S. is about to be constructed in earnest. And now, one of the key architects from the CFTC side is going to be sitting across the table, advising a major player on how to respond, adapt, and thrive under those very rules. It’s a fascinating moment. The expertise is flowing from the public to the private sector at a critical juncture. The question is, does this give the industry the maturity it needs, or does it risk creating an overly cozy relationship? Only time will tell.
