The revolving door between D.C. and Wall Street is a tale as old as time, and in 2025,

that door was refitted for the digital age. You're watching a special edition of Coin Desk Daily.

I'm your host, Jen Sanasi.

Utility or privacy. The transparency of traditional blockchains forces a difficult choice.

Break free from this limitation with midnight.

Caroline Pham, the outgoing acting chairman of the Commodity Future Trading Commission,

is officially heading to the private sector.

Moon Pay, the global crypto payments firm, announced recently that FAM will join as chief legal

and administrative

officer. It marks the end of a pivotal chapter for the CFTC. Under FAM's leadership this year,

the agency launched its historic crypto sprint and a first of its kind digital asset sandbox. But

FAMM's move isn't an isolated one. This year we saw former CFDC Commissioner Summer Mercinger take the

reigns as CEO of the Blockchain Association. Meanwhile, Michael Sue, the former acting

comptroller of the currency recently joined Core Innovation Capital to oversee fintech and crypto

investments. The strategy for these firms, as the U.S. shifts away from regulation by enforcement,

could mean to hire insiders who worked on the new rules, not just lawyers.S. shifts away from regulation by enforcement, could be to hire insiders who

worked on the new rules, not just lawyers. With the Genius Act for Stable Coins now signed into law,

having someone like FAM who helped define regulation of digital assets seems like a competitive

advantage. But while the agencies are losing veterans, the Trump administration is aggressively

backfilling those roles

with high-level talent from the private sector. Call it the reverse revolving door. Case in point,

Mike Seelig. Seelig is confirmed as the 15th chairman of the CFTC. Seelig is a veteran

...