Acting CFTC chair to join MoonPay after leaving agency

cointelegraphPubblicato 2025-12-17Pubblicato ultima volta 2025-12-17

Introduzione

Caroline Pham, acting chair of the U.S. Commodity Futures Trading Commission (CFTC), will leave the agency to join crypto payments firm MoonPay as chief legal and administrative officer. Her departure follows the Senate confirmation of her successor. Pham, the sole Republican commissioner, became acting chair in January. She had initially planned to leave after Brian Quintenz’s confirmation, but his nomination was withdrawn. Pham is the latest high-level regulator to move into the crypto industry, following former CFTC Commissioner Summer Mersinger, who joined the Blockchain Association. During her tenure, Pham’s agenda aligned with White House directives, and she launched initiatives like the Crypto CEO Forum. The move highlights concerns about the "revolving door" between regulators and the crypto industry, as previously criticized by Senator Elizabeth Warren.

Caroline Pham, the acting chair of the US Commodity Futures Trading Commission, will leave the financial regulator to join MoonPay, following the Senate confirmation of her successor.

In a Wednesday X post, MoonPay confirmed reports that Pham would join its team as a chief legal and administrative officer. She became acting chair in January amid the changeover in presidential administrations and has been the sole Republican commissioner at the CFTC for months, following the end of other leaders’ terms and resignations.

Pham said in May that she planned to leave the CFTC following the Senate confirmation of Brian Quintenz, US President Donald Trump’s first pick to replace her as chair. However, after a pushback from Gemini co-founders Cameron and Tyler Winklevoss, the White House withdrew Quintenz’s nomination and later named Securities and Exchange Commission official Michael Selig as the president’s pick for CFTC chair.

The acting CFTC chair would not be the first person in a high-level regulatory position to immediately move into a role with the crypto industry. Summer Mersinger, another CFTC commissioner, left the agency in May to become the CEO of the Blockchain Association, a crypto advocacy group.

Related: Exodus, MoonPay to roll out stablecoin in early 2026, joining gold rush

During her time as acting chair, Pham’s agenda was consistent with White House directives, including those related to the cryptocurrency industry. She reported in September that the CFTC had taken only 18 actions while she was in charge, and no enforcement cases.

The acting chair also launched the Crypto CEO Forum and CEO Innovation Council, which included leaders from crypto companies.

US Senator calls out crypto industry for ‘revolving door’ hiring strategies

Before Mersinger joined the Blockchain Association and MoonPay announced Pham would accept a role after her departure from the CFTC, Massachusetts Senator Elizabeth Warren suggested that some government officials could be laying the groundwork to “audition” for lobbying and regulatory positions at crypto companies and organizations.

Warren signed onto a 2022 letter with several other lawmakers raising similar concerns about public officials’ priorities while in office. The letter cited reports claiming that “over 200 government officials,” including members of Congress and White House staff, had taken positions as advisers, board members, investors, lobbyists, legal counsel and executives at crypto companies.

Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice

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Hyperliquid Sued by Two Major Traditional Exchanges

Hyperliquid, a cryptocurrency derivatives platform, is facing formal complaints from two major traditional exchanges, CME (Chicago Mercantile Exchange) and ICE (Intercontinental Exchange, parent company of the New York Stock Exchange). The firms have jointly approached the U.S. Congress and the CFTC (Commodity Futures Trading Commission), urging stricter regulatory oversight of Hyperliquid's operations. The action highlights growing tensions between established traditional financial institutions and emerging crypto-native platforms in the derivatives market.

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Hyperliquid Sued by Two Major Traditional Exchanges

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Breaking: OpenAI Undergoes Major Reorganization, President Brockman Assumes Command

OpenAI has announced a major internal reorganization just months before its anticipated IPO. The company is merging its three flagship product lines—ChatGPT, Codex, and the API platform—into a single, unified product organization. The most significant leadership change involves co-founder and President Greg Brockman moving from a background technical role to take full, permanent control over all product strategy. This follows the indefinite medical leave of AGI Deployment CEO Fidji Simo. Additionally, ChatGPT's longtime lead, Nick Turley, has been reassigned to enterprise products, with former Instagram executive Ashley Alexander taking over consumer offerings. The consolidation, internally framed as a strategic move towards an "Agentic Future," aims to break down internal silos and create a cohesive "Super App." This planned desktop application would integrate ChatGPT's conversational abilities, Codex's coding power, and a rumored internal web browser named "Atlas" to autonomously perform complex user tasks. The reorganization occurs amid significant internal and external pressures. OpenAI has recently seen a wave of high-profile departures, including Sora co-lead Bill Peebles and other senior technical leaders, leading to concerns about a thinning executive bench. Externally, rival Anthropic recently secured funding at a staggering $900 billion valuation, surpassing OpenAI's own. Google's upcoming I/O developer conference also poses a competitive threat. Analysts suggest the dramatic restructure is a pre-IPO move to present a clearer, more focused narrative to Wall Street—streamlining operations and demonstrating decisive leadership under Brockman to counter internal turbulence and intense market competition.

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Breaking: OpenAI Undergoes Major Reorganization, President Brockman Assumes Command

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Two Survival Structures of Market Makers and Arbitrageurs

Market makers and arbitrageurs represent two distinct survival structures in high-frequency trading. Market makers primarily use limit orders (makers) to profit from the bid-ask spread, enjoying high capital efficiency (nominally 100%) but bearing inventory risk. This "inventory risk" arises from passive, fragmented, and discontinuous order fills in the limit order book (LOB). This risk, while a potential cost, can also contribute to excess profit if managed within control boundaries, allowing for mean reversion. Market makers essentially sell "time" (uncertainty over execution timing) to the market for price control and low fees. In contrast, cross-exchange arbitrageurs typically use market orders (takers) to exploit price differences or funding rates, resulting in lower nominal capital efficiency (requiring capital on both exchanges) and higher transaction costs. Their risk exposure stems from asymmetries in exchange rules (e.g., minimum order sizes), execution latency, and infrastructure risks (e.g., ADL, oracle drift). These exposures are active, exogenous gaps that primarily erode profits rather than contribute to them. Arbitrageurs essentially sell "space" (capital sunk across venues) for localized, immediate certainty. Both strategies engage in a trade-off between execution friction and residual risk. Optimal systems allow for temporary, controlled risk exposure rather than enforcing zero exposure at all costs. Their evolution converges towards hybrid models: arbitrageurs may use maker orders to reduce costs, while market makers may use taker orders or hedges for risk management. Ultimately, both use different forms of risk exposure—market makers exposing inventory, arbitrageurs immobilizing capital—to extract marginal, hard-won certainty from the market.

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Two Survival Structures of Market Makers and Arbitrageurs

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Bitcoin Short-Term Holder Basis Remains High Within Biggest Supply Cluster

Bitcoin's recent recovery from February lows is approaching a critical supply cluster between $84,000 and $88,000, which holds the largest concentration of Bitcoin supply on the current chart. This zone represents the cost basis for short-term holders (investors who bought within the last 155 days) and is stacked with "trapped" sellers who bought near those levels and are now at breakeven. Technical analysis suggests the rally faces significant resistance in this area. Two primary scenarios are outlined: a direct push into the $84k-$86k zone followed by a rejection and pullback to $70,000 support, or a more volatile path involving a dip before testing the supply cluster. A weekly close above $84,000 would weaken the bearish rejection case, but a decisive break above $86,900-$88,000 is needed for a stronger bullish confirmation. Bitcoin is currently trading around $80,430.

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Bitcoin Short-Term Holder Basis Remains High Within Biggest Supply Cluster

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Who Will Define the Rules of the AI Era? Anthropic Discusses the 2028 US-China AI Landscape

This article, based on Anthropic's analysis, outlines the intensifying systemic competition between the U.S./allies and China for AI leadership by 2028. It argues that access to advanced computing power ("compute") is the critical bottleneck, where the U.S. currently holds a significant advantage through chip export controls and allied innovation. However, China's AI labs remain competitive by exploiting policy loopholes—via chip smuggling, overseas data center access, and "model distillation" attacks to copy U.S. model capabilities—keeping them close to the frontier. The piece presents two contrasting scenarios for 2028. In the first, decisive U.S. action to tighten compute controls and curb distillation locks in a 12-24 month AI capability lead, cementing democratic influence over global AI norms, security, and economic infrastructure. In the second, policy inaction allows China to achieve near-parity through continued access to U.S. technology, enabling Beijing to promote its AI stack globally and integrate advanced AI into its military and governance systems, altering the strategic balance. Anthropic contends that maintaining a decisive U.S. lead is essential for shaping safe AI development and governance. The core recommendation is for U.S. policymakers to urgently close compute and model access loopholes while promoting global adoption of the U.S. AI technology stack to secure a lasting strategic advantage.

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Who Will Define the Rules of the AI Era? Anthropic Discusses the 2028 US-China AI Landscape

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