In mid-December, cryptocurrency payment provider MoonPay dropped a bombshell: former CFTC Acting Chair Caroline Pham officially joined the company as Chief Legal Officer and CEO. For the market, this isn't just a job change; it's the "official entry" of a rule-maker.
Licenses, connections, and 2026
Just before Pham reported for duty, MoonPay obtained a New York Limited Purpose Trust Charter from the New York Department of Financial Services. This license upgraded MoonPay from a retail payment instrument to a regulated entity handling "custodial assets" and executing OTC transactions; and Pham's years of accumulated regulatory resources and connections in Washington were key to turning this license into a business moat.
Looking back at Pham's tenure at the CFTC, she spearheaded the Digital Asset Markets Pilot Program, allowing institutions to trade 24/7 using Bitcoin and USDC as collateral, and introduced automated regulatory technology, saving businesses approximately tens of millions of dollars in compliance costs annually. Now, this framework is beginning to take hold in the private sector.
This isn't the first time regulatory talent has entered the industry; Michael Selig previously headed the CFTC, and several other former officials joined the industry around the same time. The signal is clear: compliance has become a "ticket" to entry. MoonPay aims to attract the institutional funds expected to flood in by 2026.
