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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Onshoring Crypto Through Regulatory Clarity
- Caroline Pham frames "Crypto in America" as an America-first agenda to onshore crypto activity and bring jobs back.
- She views regulatory clarity as essential to let Americans invest, hire, and build domestically.
First Crypto Moment At The CFTC
- Caroline first engaged crypto in 2013 when the Bitcoin Foundation asked the CFTC to define Bitcoin under law.
- She recalls the CFTC declaring Bitcoin a commodity in 2015 and Bitcoin futures launching in 2017.
Tokens As Consumable Inputs
- Pham compares protocol tokens to consumables, likening ETH gas to energy inputs used to power networks.
- She argues utility tokens function like commodities and belong in commodity markets, not as securities.