MoonPay Appoints CFTC’s Acting Chair Caroline Pham as CLO
Caroline Pham, the acting chair of the Commodity Futures Trading Commission (CFTC) will be joining MoonPay soon.
According to MoonPay, she will assume the roles of Chief Legal Officer and Chief Administrative Officer once a new CFTC Chair is confirmed by the Trump administration.
Michael Selig Is Expected to Relieve Caroline Pham
Caroline Pham was appointed acting chair of the CFTC on January 20, the same day Donald Trump was inaugurated as President.
This was after five members of the bloc voted to confirm her nomination by the new US president. She is one of the commissioners of the agency, but had to take up the position of acting chair after Rostin Behnam left the CFTC.
Since Behnam’s exit, the CFTC has not had a permanent chairman in the last one year. The absence of the permanent CFTC chairman is all that has kept Pham in the agency until this time.
She has publicly declared that she was leaving once a new CFTC chair is confirmed, so her transition is highly dependent on this factor.
Meanwhile, President Donald Trump has nominated Michael Selig to become CFTC Chairman.
Selig previously worked at the agency under former Chairman Chris Giancarlo and is currently the chief counsel for the SEC’s Crypto Task Force. He is expected to appear at a confirmation hearing soon.
By taking on a senior role at the crypto finance company, Pham is bringing her wealth of direct experience as a former US regulator.
She is known for handling enforcement priorities, guidance withdrawals, and approval pathways for new trading products. Her integration is quite significant for MoonPay, considering that it is repositioning itself.
MoonPay Prepares for Repositioning
MoonPay has seen the use of its platform expand reasonably, with several payment firms and consumer brands utilizing its infrastructure to experiment with blockchain-based tools.
Last month, Arkham Exchange integrated MoonPay’s fiat-to-crypto services. This was in a bid to enable KYC-verified users to deposit funds using credit cards, bank transfers, and digital wallets.
Shortly after this milestone, MoonPay received a Limited Purpose Trust charter from the New York State Department of Financial Services (NYDFS).
This was in addition to a business license for virtual currency activities (BitLicense). This approval allows it to provide digital asset custody and over-the-counter (OTC) trading.
As it stands, MoonPay is now fully licensed in the US and regulated in the UK, EU, Canada and Australia.
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