Caroline D. Pham

Caroline D. Pham is an American attorney and regulatory leader who served as Acting Chairman of the U.S. Commodity Futures Trading Commission (CFTC) in 2025. 

She emerged as one of the most influential forces in crypto regulation by spearheading a pro-innovation shift in U.S. digital asset policy after being appointed by Donald Trump.

Origin and Background

Pham earned a BA from UCLA and a JD from George Washington University Law School. 

After early legal roles at Sullivan & Cromwell and internships at the SEC and CFTC, she spent years in policy and market structure roles, including at Citigroup.

Confirmed as a CFTC commissioner in 2022, Pham was designated Acting Chair on January 20, 2025, under the Trump Administration, positioning her at the center of U.S. crypto oversight during a pivotal regulatory transition. 

Key Highlights

• Led the CFTC as Acting Chairman during 2025, championing regulatory clarity for digital assets.
• Announced and operationalized the Crypto Sprint.
• Oversaw initiatives to enable tokenized collateral and stablecoin usage.
• Advanced stakeholder engagement through forums and a CEO Innovation Council to shape U.S. crypto policy.
• Instrumental in launching the first-ever listed spot crypto trading on CFTC-registered exchanges.
• Pushed for coordinated action on blockchain market infrastructure with the SEC.
• Transitioned to the private sector at MoonPay after her tenure at the CFTC.

Impact on the Industry (2025)

In 2025, Pham reshaped the U.S. crypto regulatory landscape by advocating for constructive engagement between regulators and market participants.

Her leadership allowed for progress on regulatory frameworks and institutional participation.

Pham’s time will be remembered as spearheading the dramatic change from “regulation by enforcement,” instead favoring a collaborative approach from Trump’s relaxing of regulations. 

Looking Ahead (2026 and Beyond)

In December, it was announced that Pham would be leaving her role in government to return to the private sector with MoonPay.

The former CFTC chair had said previously she planned to return to private work once a permanent member was in place. 

Pham will be staying firmly in the crypto arena, with MoonPay’s focus on allowing people to easily buy NFTs and crypto with traditional payment methods.