WASHINGTON, D.C. — Democracy Defenders Fund (DDF) today called for an investigation into Caroline Pham, the former Acting Chairman of the Commodities Future Trading Commission (CFTC), over potential criminal ethics violations. The complaint asks the U.S. Attorney’s Office in Washington, D.C., and the FBI to investigate whether Pham violated federal conflict-of-interest laws. It alleges she personally directed the CFTC’s cryptocurrency regulation and enforcement policies while she was also negotiating future employment with MoonPay. MoonPay is a digital-asset payments company that describes itself as “a key driver behind mainstream crypto adoption.”

For nearly a year after being selected by President Trump to serve as Acting Chairman of CFTC, Pham steered the agency and administration’s cryptocurrency policy-development. She also served as an advisor assisting with rulemaking related to digital assets and exchanges. However, in August, it was announced that she would be returning to the private sector and it was reported last month that she would be joining MoonPay as its Chief Legal and Administrative Officer.

“The American people deserve to know whether Ms. Pham was making policy in the public interest or trying to curry favor with a future employer instead,” said Virginia Canter, DDF’s chief counsel and director for ethics and anticorruption. “Unfortunately, this appears to be another case of a Trump administration official or adviser illegally using public power for private gain. There must be a thorough and transparent investigation.”

Pham’s move to Moonpay is occurring at the same time that Congress is debating digital asset market structure legislation and the Administration, including CFTC, are in the throes of implementing President Trump’s crypto agenda.

“Too often, public officials have used public office to benefit the private interests of companies they plan to join. That’s why Congress heavily regulates the revolving door between government and industry,” said Chris Swartz, DDF’s senior ethics counsel. “Whether the cryptocurrency industry is appropriately regulated will have generational impacts on the global economy. Ms. Pham’s involvement in those decisions raises serious questions about whether her judgment was unduly influenced by industry interests.”

You can read the complaint here

Yesterday, DDF released a new report, Trump’s Crypto Connections, which warns that President Trump’s personal involvement in a Treasury-backed stablecoin creates unprecedented risk to the U.S. financial system, directly entangling a sitting president’s personal financial interests with the stability of the U.S. Treasury market.

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Democracy Defenders Fund brings together a nonpartisan team to work with national, state and local allies across the country to defend in real-time the foundations of our democracy.