Crypto In America Exclusive: Former Acting CFTC Chair On Crypto Regulation & Why She’s Joining MoonPay | Caroline Pham
Dec 24, 2025
Caroline Pham, former Acting Chair of the CFTC and now Chief Legal Officer at MoonPay, shares her insights on crypto regulation. She reflects on her journey, from encountering Bitcoin in 2013 to leading crypto-forward initiatives at the CFTC. Caroline discusses the importance of tokenized collateral for capital efficiency, the year 2026 as pivotal for institutional adoption, and her vision for bringing crypto activities back onshore. She emphasizes the need for well-crafted rules and a growth mindset within regulatory frameworks.
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Unlock Capital With Tokenized Collateral
- Tokenized collateral guidance is the highest-impact initiative because it frees up capital via real-time settlement.
- Implement tokenized treasuries and money-market funds to increase capital efficiency and redeploy liquidity.
Listed Spot Crypto Attracts Real Markets
- Listing spot crypto on CFTC-registered futures exchanges brings established liquidity, investor protection, and operational certainty.
- Pham views onshoring trading to regulated exchanges as a way to prevent offshore failures and protect retail.
Prioritize Training Over Headcount
- Build capacity with targeted training and centers of excellence rather than merely adding headcount.
- Upskill staff via regulator-focused programs and deploy expert SWAT teams to spread knowledge agency-wide.