Today in crypto: Caroline Pham, the acting chair of the US Commodity Futures Trading Commission, is set to leave the regulator to join MoonPay. Meanwhile, HashKey debuted on Hong Kong’s HKEX following a $206 million oversubscribed initial public offering, and Bhutan plans to deploy 10,000 Bitcoin to develop its special administrative region, the Gelephu Mindfulness City.
Acting CFTC chair to join MoonPay after leaving agency
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.
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.
HashKey crypto exchange sees bumpy Hong Kong debut after $206 million IPO
HashKey, Hong Kong’s largest cryptocurrency exchange, made its trading debut on the Stock Exchange of Hong Kong (HKEX) following a $206 million initial public offering.
Shares of HashKey Holdings officially listed on the HKEX main board on Wednesday, opening at 6.70 Hong Kong dollars ($0.86), according to data from the exchange.
Announcing the news in a blog post, HashKey Group said the exchange became the first publicly traded digital asset company in Asia to go public through an IPO in Hong Kong.
“This milestone marks the company’s entry into a new stage of development and establishes a stronger foundation for its global expansion and long-term strategic initiatives,” the company stated.
Launched on Dec. 9, HashKey’s IPO has received massive demand from institutional and retail investors, selling a total of 240 million shares for $206 million, according to the company’s HKEX filings.
The Hong Kong offering was oversubscribed by nearly 394 times with 24 million shares sold, while the international IPO reached 5.5 times the amount of stock on offer, selling 216.5 million shares.
The raise attracted nine cornerstone investors, including Cithara Global Multi-Strategy SPC, UBS AM Singapore, Fidelity and CDH. Cithara and UBS were the largest investors, allocated around 17.5 million shares and 11.7 million shares, respectively.
Bhutan pledges 10,000 Bitcoin to develop its “mindfulness city”
The Kingdom of Bhutan says it will tap into 10,000 Bitcoin from its stash to help build its special administrative region, the Gelephu Mindfulness City (GMC).
Located in the town of Gelephu in Southern Bhutan, GMC was launched in 2024 as Bhutan’s new economic hub to stop the exodus of young Bhutanese from the country by creating high-value local jobs.
The city offers regulatory flexibility for crypto and fintech firms and serves as a space to further Bhutan’s Bitcoin mining. It covers roughly 10% of Bhutan, or around 1,544 square miles, according to its website.
The plan to use Bitcoin for the Gelephu Mindfulness City is part of the wider national Bitcoin Development Pledge, which aims to support Bhutan’s long-term economic development through its Bitcoin stash and mining operations.
