Crypto payment platform MoonPay is poised to receive a significant fundraising boost as recent reports suggest that Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE), is exploring an investment in the company. 

According to a Bloomberg report, which cited sources familiar with the discussions, MoonPay is close to finalizing this fundraising round and is targeting a valuation around $5 billion.

New Regulatory Approval And Investment Talks

Based in New York, MoonPay specializes in simplifying the trading of cryptocurrencies through various payment methods, including PayPal, Apple Pay, and Venmo. The platform also offers tools for users to send, receive, and manage stablecoins. 

Notably, MoonPay recently obtained a Limited Purpose Trust Charter from the New York Department of Financial Services (NYDFS), a significant regulatory approval that complements its existing BitLicense. 

This charter enables MoonPay to expand its custody and other crypto services within New York, placing the company in league with established players like Coinbase (COIN) and PayPal, which also operate under the state’s strict digital asset regulations.

The momentum for MoonPay continues to build, particularly with news that Caroline Pham, the acting chair of the Commodity Futures Trading Commission (CFTC), plans to join the firm as its chief legal and administrative officer. 

CFTC Chair Caroline Pham to Join MoonPay

Pham has been a notable figure in the regulatory landscape, having served on the CFTC’s board since April 2022 and becoming acting chair in January 2025. 

She announced her intention to return to the private sector once a permanent chair was confirmed, which is expected to happen this week with Mike Selig’s anticipated confirmation.

Under Pham’s leadership, the CFTC expedited several initiatives focused on cryptocurrencies, including the allowance for spot crypto trading on futures exchanges and the launch of a digital assets pilot program permitting the use of assets like Bitcoin (BTC) and Ethereum (ETH) in derivatives markets. 

Additionally, Pham implemented various operational changes within the CFTC, reportedly leading to nearly $50 million in annual savings by enhancing governance and accountability.

Pham articulated that her agenda as acting chair concentrated on executing a range of presidential executive orders aimed at promoting regulatory clarity and efficiency across government agencies. 

Reflecting on her decision to join MoonPay, she emphasized the importance of people in her career choices, stating that meaningful connections guide her decisions.

Her connection to MoonPay began through a dinner hosted by Christie’s Art + Tech in 2023, where she met MoonPay’s president, Keith Grossman. A conversation that started at the dinner evolved into a friendship and later professional discussions as Pham considered her options post-government.

Grossman expressed confidence in Pham’s capabilities, stating, “MoonPay has really matured, and Caroline is the exact type of leader with the exact type of big bank and regulatory experience that’s needed for us to be able to move to the next level.”

Featured image from DALL-E, chart from TradingView.com

Caroline Pham, the Acting Chair of the US derivatives regulator Commodity Futures Trading Commission (CFTC), is set to leave the agency to join the private sector.

Pham will be heading to crypto payments firm MoonPay, once the Senate confirms her replacement with Trump’s pick Mike Selig.

“I’m looking forward to a successful confirmation of Mike Selig as the CFTC’s next chairman and a smooth transition once he is sworn in,” Pham wrote on X. “The future is bright. Onward and upward.”

Caroline Pham’s Digital Asset Oversight at CFTC

Pham served the CFTC for four years, including her final year as acting chair of the derivatives regulator. Prior to serving as Commissioner, Pham was a Managing Director at Citigroup heading market structure for strategic initiatives.

During her tenure at the CFTC, she oversaw regulatory innovation and groundbreaking digital asset policy.

She pressed aggressively on the pro-crypto plans set out by President Trump during his executive orders, launching the “crypto sprint.” The initiative has been running in parallel with the Securities and Exchange Commission’s “Project Crypto.”

Last month, she announced a new prediction markets initiative, calling for nominations to head the CFTC arm.

Additionally, she proposed a regulatory sandbox – CFTC Digital Asset Markets Pilot Program – that lets Bitcoin, Ether and USDC serve as collateral in derivatives markets. Pham launched the program on December 8, along with new guidance on tokenized collateral.

Her successor, Mike Selig, is expected to be confirmed by the Senate this week, following a final vote. Pham’s departure to the crypto industry mirrors that of Bo Hines, former White House Crypto Council executive director, who joined Tether in August.

Similarly, in May, former CFTC commissioner Summer Mersinger left the agency to become chief executive of the crypto lobbying group Blockchain Association.

MoonPay Welcomes Pham to Head the Firm’s “Next Chapter of Growth”

In a separate announcement, payments company MoonPay announced the appointment of Pham as Chief Legal Officer and Chief Administrative Officer.

She will head the legal and administrative functions, alongside handling the firm’s policy and regulatory strategy in Washington.

Pham will “guide our next chapter of growth + compliance excellence following the conclusion of her role as Acting Chairman,” MoonPay wrote on X.

“I’m excited to join MoonPay at a pivotal moment,” Pham noted.

Her appointment comes at a time when MoonPay is expanding its enterprise stablecoin business. The payments platform is collaborating with Exodus to roll out a US dollar-backed stablecoin designed for everyday use.

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