‘Aave Will Win’ passed with 75% support, awarding Aave Labs a $25 million stablecoin grant and 75,000 AAVE in exchange for directing 100% of product revenue to the DAO treasury.
The Aave DAO on Sunday approved the first binding component of the “Aave Will Win” framework, which founder Stani Kulechov calls “the most important proposal in Aave’s history,” directing 100% of revenue from all Aave-branded products to the DAO treasury and consolidating economic rights under the AAVE token.
The vote closed with roughly 75% support, a significantly stronger result than the initial Temp Check in early March, which narrowly cleared amid concerns that Aave Labs-linked addresses had tipped the balance.
Vote Results
The approved package includes a $25 million stablecoin grant from the DAO’s Collector Contract, split between an immediate $5 million allowance and streamed payments over six and 12 months, plus 75,000 AAVE tokens vesting linearly over 48 months from the Ecosystem Reserve, double the timeline outlined in the original temp check.
In exchange, Aave Labs commits to routing all revenue from Aave Pro, the Aave App, Horizon, Aave Kit, and swaps on aave.com to the DAO treasury, a stream that Kulechov said is already generating $10 to $20 million on top of protocol revenue, which hit $140 million in 2025.
“If you own AAVE, you own not just the economic rights of the protocol, but the brand, the users, and the integrations,” Kulechov wrote on X, laying out an ambitious multi-year roadmap spanning consumer products, fintech integrations, and regulatory licensing.
The proposal resolves a governance crisis that erupted in December when a delegate discovered that Aave Labs had been redirecting roughly $200,000 per week in interface fees, previously flowing to the DAO, to itself via a CowSwap integration. That controversy spiraled into a broader confrontation over tokenholder rights, brand ownership, and the power balance between Labs and the DAO.
The fallout was severe. BGD Labs, one of the core teams working on Aave V3, announced its departure in February. The Aave Chan Initiative followed in early March. And last week, risk management firm Chaos Labs became the third major contributor to exit.
The AAVE token has lost roughly 75% of its value since its August 2025 high near $356, though it rallied approximately 5% following the vote to trade near $95.
The vote comes just two weeks after Aave V4 launched on Ethereum mainnet, introducing a hub-and-spoke architecture that allows independent lending markets to share liquidity through a unified system. The framework formally ratifies V4 as the protocol’s long-term technical foundation.
Under the new framework, Kulechov outlined a zero-tolerance policy on “value leakage,” requiring that all service providers build exclusively for Aave with measurable performance goals.
Aave is DeFi’s largest lending protocol with roughly $25 billion in total value locked across multiple chains.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
The American Bankers Association is warning that the White House’s latest stablecoin study is asking the wrong question and underestimating the threat to community banks.
On April 8, the Council of Economic Advisers released a 21‑page paper modeling what happens if payment stablecoin issuers are barred from paying yield. The analysis, tied to the 2025 GENIUS Act’s prohibition on interest for payment stablecoins, finds that banning yield would raise bank lending by only about 2.1 billion dollars, or roughly 0.02% of a 12 trillion dollar loan book.
The report also estimates that consumers would forgo around 800 million dollars in returns, producing a cost‑benefit ratio of 6.6 in which lost yield outweighs gains from slightly lower borrowing costs.
In short, White House economists concluded that stablecoin yield, under current conditions, is unlikely to trigger the sweeping deposit flight some academic studies had projected.
ABA: the real risk is yield‑paying coins at scale
The American Bankers Association fired back today, arguing the CEA framed “the wrong question” by focusing on the effect of a prohibition rather than the impact of allowing yield as the market grows.
ABA chief economist Sayee Srinivasan and banking research VP Yikai Wang warned that yield‑paying payment stablecoins could accelerate deposit migration out of insured accounts, especially at community banks.
Their analysis points to a future market of 1 to 2 trillion dollars in payment stablecoins, where competitive yields on tokens backed by Treasuries and other safe assets become a direct rival to local deposits. In that scenario, they say, even single states could see multi‑billion‑dollar contractions in bank lending as cheap funding drains away.
Deposit stablecoin reshuffling vs. community bank pressure
The White House paper stresses that when consumers move cash into stablecoins, issuers reinvest reserves into Treasury bills, repos, and money‑market funds, sending most of the money back into the banking system.
That “reshuffling” means aggregate deposits stay largely flat, and, with banks currently holding over 1.1 trillion dollars in excess liquidity, the model finds little system‑wide constraint on lending.
The ABA response counters that this misses what happens at individual institutions when deposits walk out the door, forcing community banks to replace funding with higher‑cost wholesale borrowing or by raising deposit rates.
Those higher funding costs, they argue, translate into less local credit and higher loan rates for households, farmers, and small businesses that rely on relationship lenders.
The debate lands on top of the GENIUS Act, the 2025 law that created the first federal regime for payment stablecoins and hard‑coded a ban on issuers paying yield to holders.
That ban does not extend to third‑party platforms, leaving room for arrangements such as Coinbase’s USDC rewards, which share reserve income with users at rates similar to high‑yield savings accounts.
Some versions of the proposed CLARITY Act would close this channel by barring intermediaries from passing yield through, a move the CEA notes but does not fully evaluate. ABA’s authors say policymakers should treat a prohibition on yield as a “prudent safeguard” that keeps stablecoins in a payments role instead of letting them evolve into a high‑yield substitute for insured deposits.
Both sides touch on a deeper question: whether yield‑bearing stablecoins effectively create a form of narrow banking that siphons funds out of traditional credit intermediation. The CEA frames narrow‑bank‑like structures as potentially safer for payments, assuming reserves stay in Treasuries and other ultra‑safe assets, while downplaying near‑term lending losses.
The ABA warns that pushing activity into such models without a plan to preserve community‑bank lending ignores Congress’s reluctance to endorse central bank digital currencies for similar reasons.
With more than 80% of stablecoin activity already offshore and issuers holding Treasury portfolios larger than some sovereigns, the White House also flags global demand and U.S. borrowing costs as an underexplored part of the yield debate.
Bitcoin’s breakout past $74,000 on Monday got a helping hand from Japan.
Bank of Japan Governor Kazuo Ueda cooled expectations for an interest rate hike at the upcoming April 28 policy meeting, signaling a more cautious stance amid uncertainty over how the Iran war will affect Japan’s economy.
Such decisions have shown to spillover to the crypto market in previous years. On August 5, 2024, a surprise BOJ rate hike triggered a yen carry trade unwind that crashed bitcoin from $64,000 to $49,000 in 48 hours.
The carry trade, where investors borrow cheaply in yen and deploy into higher-yielding assets including crypto, had become one of the largest sources of leveraged risk-asset exposure globally. A yen unwind tends to cause quick sell-offs in risk assets, with bitcoin and major cryptocurrencies the first to be hit.
But Ueda just signaled that trade stays intact for at least another month. Japan’s 20-year bond auction on Tuesday drew its strongest demand since 2019, with a bid-to-cover ratio of 4.82 against a 12-month average of 3.27, confirming that institutional capital agrees the hiking cycle is pausing.
Twenty-year yields, near their highest since 1997, fell nine basis points after the auction.
A dovish BOJ keeps the yen weak, currently near 160 against the dollar. A weak yen keeps carry trade funding cheap. Cheap carry funding supports leveraged positions across risk assets, including the perpetual futures markets where bitcoin’s rally is being built.
Data from last week showed $2.1 billion in new bitcoin open interest and $2.2 billion in ether open interest in 24 hours following the ceasefire, with coin-denominated OI confirming net new longs. Some portion of that positioning maybe funded, directly or indirectly, by the same yen liquidity that Ueda just preserved.
Japan is also among the economies most exposed to the Strait of Hormuz, through which more than 90% of its oil imports flow.
If U.S.-Iran talks produce a deal and oil prices continue falling, Japan’s inflation pressure eases further, giving the BOJ even less reason to hike and extending the window in which the carry trade supports risk assets.
As such, the BOJ’s caution is one more tailwind behind bitcoin’s breakout. The $73,000 ceiling held for six weeks partly because macro headwinds, from oil to rates to geopolitics, gave leveraged traders no reason to push through it.
The $73,000 ceiling that rejected bitcoin three times in eight days just broke.
Bitcoin surged 4.8% to $74,484 late on Monday, its highest price since before the Iran war began in late February, after President Trump signaled a willingness to resume talks with Tehran even as the U.S. blockaded the Strait of Hormuz.
The move triggered $534 million in crypto liquidations across 180,000 traders, with $430 million coming from shorts, the second major squeeze in less than a week.
Ether led the majors with a 7.7% jump to $2,366, now up 12.4% on the week and outperforming bitcoin by a wide margin. Solana’s SOL climbed 4.6% to $85.80, up 7.6% weekly. BNB gained 3.3% to $615.80. XRP rose 2.9% to $1.36. Dogecoin added 2.7% to $0.094. Every asset in the top 10 is green on both the daily and weekly chart.
The largest single liquidation was a $12.4 million BTC-USDT short on Aster. Bitcoin accounted for $229 million in total liquidations and ether followed at $136 million. Smaller token RAVE added $43 million in liquidations as prices surged 66%, and Solana contributed $12 million.
The S&P 500 has now erased all losses triggered by the Iran conflict, with the MSCI All Country World Index heading for its eighth consecutive day of gains, the longest winning streak since September.
Brent crude fell 1.3% to $98 as markets priced in the possibility that fresh talks could happen before the April 7 ceasefire expires next week. Treasury yields fell one basis point to 4.28% as cheaper oil eased inflation concerns.
The 12-hour liquidation window was where the damage concentrated, with $379 million wiped out in that period, of which $327 million were from shorts. The ratio of short to long liquidations at roughly 4-to-1 over 12 hours reflects just how heavily the market was still positioned for failure at $73,000, even after last week’s ceasefire bounce had already punished that trade once.
For bitcoin specifically, the break above $73,000 puts the next resistance at the Traders’ Realized Price near $79,000, the level that analysis firm CryptoQuant identified as the point where active traders who bought during the drawdown return to breakeven and tend to sell.
Between here and there, the path has less technical resistance than at any point since the war began.
The risk remains the same, however. Trump ordered the Hormuz blockade after weekend talks in Islamabad produced no deal. The ceasefire expires next week. But the U.S. and Iran are discussing another round of talks, and the blockade itself is being read by markets as a targeted pressure tool rather than an escalation, one designed to curb Iran’s oil revenues while paving the way for eventual shipping resumption.
XRP is pushing higher again, but the real story is the setup building underneath. Price is grinding up on strong volume even as sentiment remains extremely negative, a mix that has historically preceded sharper moves.
News Background
• Social sentiment has dropped to one of its most bearish levels in two years, a setup that has previously preceded strong rallies. • The broader structure remains defined by long-term consolidation, with XRP approaching a multi-year breakout decision zone.
Price Action Summary
• XRP moved from $1.32 to $1.37, continuing a sequence of higher lows that signals steady accumulation. • The breakout above $1.35 came on strong volume, with follow-through buying pushing price toward $1.38. • Price is now consolidating just below recent highs, holding gains rather than immediately reversing.
Technical Analysis
• The key signal is the combination of rising price and strong volume, pointing to accumulation rather than short-term speculation. • At the same time, extremely bearish sentiment suggests retail positioning is still skewed to the downside, creating a contrarian setup. • XRP remains below major resistance, meaning the broader trend has not yet flipped despite improving short-term structure. • Compression across timeframes indicates the market is approaching a decision point, with pressure building for a larger move.
What traders should watch
• $1.35 is now the immediate support, with price needing to hold above it to maintain momentum. • $1.42-$1.45 is the key breakout zone that needs to clear for a stronger trend shift. • Failure to hold $1.33-$1.30 would weaken the structure and bring downside back into focus.
The following is a wider digital and fintech sector overview in the world’s largest country by population – India.
What began as a drive for financial inclusion has evolved into one of the world’s most sophisticated digital public infrastructure ecosystems, reshaping how over a billion people engage with finance.
India stands as the world’s fifth-largest economy, with gross domestic product (GDP) estimated at approximately $3.9trillion. Its economic structure is highly diversified, spanning services (IT, financial services, business process outsourcing), manufacturing, agriculture and a rapidly expanding digital economy. Despite that, GDP per capita stands at around $2,800, reflecting lower-middle-income status. Nonetheless, there has been significant upward momentum driven by digitalisation and demographic growth, according to the World Bank.
The country’s financial hub is Mumbai, home to the Reserve Bank of India (RBI), the Bombay Stock Exchange and major financial institutions. Among the largest banks is State Bank of India, which continues to play a central role in both traditional and digital banking transformation. Beyond Mumbai, other cities such as Delhi, the capital and largest by population, plays an active role in the wider fintech and digital space.
Digital economic transformation
Mumbai (also known as Bombay) is the financial and commercial hub of India IMAGE SOURCE GETTY
India’s digital transformation is distinctive in its architecture. Rather than relying solely on private-sector innovation, the country has built a layered system of digital public infrastructure (DPI) – commonly referred to as the “India Stack”.
It includes the following: First, there is Aadhaar, the biometric digital identity system. Second, there is the Unified Payments Interface (UPI), enabling instant payments. Third, there is the Account Aggregator (AA) frameworks, enabling data-sharing. All three are helping bring digital inclusion for all in India.
UPI, in particular, has become the backbone of India’s digital economy. This year, it has processed over 14 billion transactions per month, with annual transaction values exceeding $2.5trillion, making it one of the largest real-time payment systems globally. Much of its success can attritute with it fomalising the informal economy, expansion of small and medium enterprises (SME) participation, and growth of digital commerce and platforms.
Financial services sector: digital transformation at population scale
India’s financial services sector has undergone a profound transformation over the past decade. What was once characterised by limited access and heavy reliance on cash is now increasingly digital, interoperable and inclusive.
This transformation has been driven by widespread adoption of mobile payments and digital wallets, expansion of digital lending and alternative credit scoring, and integration of financial services into e-commerce and digital platforms
The RBI has played a pivotal role in shaping this ecosystem. Some of the recent initiatives it has done include:
UPI expansion and internationalization – The RBI and National Payments Corporation of India (NPCI) have continued to expand UPI domestically and internationally, enabling cross-border payments with countries such as the United Arab Emirates (UAE) and Singapore
Account Aggregator (AA) framework scaling – The AA ecosystem has gained traction, enabling secure data-sharing across financial institutions and supporting improved credit access for individuals and SMEs
Central Bank Digital Currency (CBDC) pilot (Digital Rupee) – The RBI has expanded its pilot of the digital rupee, exploring both retail and wholesale use cases, including programmable payments and settlement efficiency
Digital lending guidelines (2022–2024 implementation, ongoing enforcement through 2025–2026) – The RBI has strengthened regulatory oversight of digital lending, focusing on transparency, data protection and consumer protection
Open banking evolution via Account Aggregator – India’s approach to open banking, through the AA framework, has enabled a secure, consent-based data-sharing system, positioning it as a global reference model.
These initiatives reflect a regulatory philosophy that combines innovation enablement with strong governance, ensuring that scale does not come at the expense of stability.
Financial inclusion: near-universal access
India is the largest country in the world by population, surpassing China in 2023 IMAGE SOURCE GETTY
India has made remarkable progress in financial inclusion. According to recent estimates, approximately 78-80 per cent of adults now have a bank account, a significant increase from just over 50 per cent a decade ago, according to the World Bank.
For instance, one reason behind this was been the Pradhan Mantri Jan Dhan Yojana (PMJDY). It is a financial inclusion program of the Government of India open to Indian citizens, that aims to expand affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions. Its success can attribute to over 500 million bank accounts opened as a result.
Also, inclusion in India is no longer just about access but rather about usage, with millions actively engaging in digital payments, savings and credit.
India is now home to one of the largest fintech ecosystems globally, with an estimated 10,000 fintech companies operating across payments, lending, insurtech and wealthtech.
Examples of fintechs include Paytm ( digital payments and financial services platform), PhonePe (UPI-based payments platform with expanding financial services offerings), Razorpay (payment infrastructure and financial services for businesses) and Policybazaar (Insurtech marketplace).
These firms operate on top of India’s digital infrastructure, demonstrating how public and private innovation can reinforce one another.
It is not just Indian firms in India but also foreign firms that have also set up and expanded in the country. For instance, just recently, Revolut announced by end of this year it aims to invest shy of GBP£500million ($659million) and at 1,600 staff to a total head count of 5,500.
Conclusion: inclusion through infrastructure
India’s fintech journey offers a powerful lesson: scale is not achieved through innovation alone, but through infrastructure, policy and coordination.
In 2026, the country stands as a global benchmark, where digital systems have transformed access into participation, and participation into opportunity. This has brought its over 1 billion people closer to financial inclusion for all.
Richie is a global economic development advisor and Managing Partner of Santos-Diaz LLC, specializing in international trade and foreign direct investment across the UK, Middle East, and North America. With over 15 years of experience and a Masters from SOAS University of London, he has advised high-level governments and multinational corporates while contributing to major outlets like Forbes and the World Economic Forum. Currently based in Dubai, he leverages his background in emerging markets and RegTech to bridge the gap between global policy and private sector growth.
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Executive Economic Development Advisor (Emerging Markets) | Contributor
Dogecoin is pushing higher again, with volume confirming the move, but it has not cleared the level that really matters yet. The breakout looks constructive, though still early, with price holding gains rather than fading.
News Background
• DOGE-related investment products saw fresh inflows after weeks of inactivity, signaling returning institutional interest. • Broader crypto sentiment remains mixed, with capital rotating selectively into higher-beta assets like meme coins.
Price Action Summary
• DOGE moved from $0.091 to $0.0936, breaking out of a tight consolidation range around $0.0915. • The move was supported by sustained buying, with higher lows forming throughout the session. • Price tested $0.094 but failed to break cleanly, instead consolidating just below resistance.
Technical Analysis
• The key signal is strong volume accompanying the breakout, suggesting real participation rather than a thin move. • Higher lows indicate accumulation, with buyers stepping in consistently on dips. • However, DOGE remains below the $0.094-$0.095 resistance zone, which has capped recent rallies. • The broader pattern still reflects compression, meaning a larger move is likely but not yet confirmed.
What traders should watch
• $0.0925 is now the immediate support, with price needing to hold above it to maintain structure. • $0.094 is the key breakout level, with a clean move above opening the path toward $0.095-$0.098. • Failure to hold $0.092 risks a move back into the prior range near $0.091 or lower.
South Korea’s third-largest cryptocurrency exchange, Coinone, is facing a fine and a partial business suspension over anti-money laundering lapses, according to multiple local media reports.
South Korea’s Financial Intelligence Unit (FIU) under the Financial Services Commission accused Coinone of failing to comply with anti-money laundering obligations, including verifying user identities in about 70,000 cases, The Korea Times, Chosun and Yonhap News reported on Monday.
The FIU also alleged Coinone facilitated more than 10,000 transactions with 16 foreign exchanges not registered with South Korean regulators, despite repeated warnings.
Other accusations include violating customer due diligence obligations by marking customer verification as complete even when key information was missing, and by failing to restrict transactions for customers whose verification measures had not been completed.
Cointelegraph contacted Coinone for comment.
Regulatory crackdown against exchanges
It marks South Korea’s second regulatory crackdown against exchanges in the last month, after Bithumb, the country’s second-largest crypto exchange by trading volume, was fined $24 million and faced a six-month partial suspension in March for alleged anti-money laundering failures.
The moves come after Bithumb erroneously sent customers 620,000 Bitcoin (BTC), worth around $42 billion at the time, instead of 620,000 Korean won, prompting the Bank of Korea to push for lawmakers to pass more stringent controls on exchanges.
The central bank said on Monday that lawmakers should consider introducing trading curbs to suspend trading in the event of unusual activity or if crypto prices suddenly fluctuate
Fine, partial suspension and CEO reprimand
The FIU reportedly fined Coinone 5.2 billion won ($3.5 million) and imposed a three-month partial business suspension, which prevents new customers from depositing or withdrawing funds from the exchange until the ban is lifted.
Related: South Korea tightens crypto withdrawal-delay exemptions after scam losses
The exchange’s chief executive officer, Cha Myung-hoon, is also receiving an official reprimand. However, it’s an administrative enforcement rather than a criminal penalty.
Coinone has 10 days to dispute the action before the FIU finalizes the fine and other penalties, according to the reports.
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The US Securities and Exchange Commission’s (SEC) Division of Trading and Markets has issued new staff guidance aimed at bringing more clarity to how certain crypto trading tools may operate without triggering broker-dealer registration.
SEC Draws Guardrails For Crypto Interfaces
According to the guidance, some crypto trading interfaces—explicitly including decentralized finance (DeFi) front-ends, wallet extensions, and mobile applications—could fall outside the broker-dealer framework if they meet a set of strict conditions.
The key point is that this is not a broad “permission slip” for every interface that touches crypto. Rather, the SEC is outlining a specific path for interfaces structured in a way that does not involve traditional trade intermediation.
One of the most important requirements is that users must control their own keys. In other words, the interface cannot become a point where custody shifts to the platform or where the operator effectively takes over the user’s ability to initiate and sign transactions.
The guidance also emphasizes that the interface must be purely facilitative: it should take inputs from the user, convert those inputs into on-chain commands, and then allow the user to sign. It cannot perform discretionary routing, make recommendations, or otherwise steer users toward particular investment outcomes.
Fees are another focal area. The SEC’s staff says fees must be fixed or otherwise agnostic, and the interface must provide full disclosures. The guidance further notes that platforms need proper compliance policies.
Together, these conditions are meant to distinguish between an interface that simply helps a user execute a transaction they control, and an arrangement that looks more like an investment intermediary—something broker-dealer rules are designed to regulate.
SEC Tone Shift Under Paul Atkins
The staff clarification is also limited in scope. It applies to interfaces handling “crypto asset securities,” not to Bitcoin (BTC). That distinction matters because the SEC has long treated Bitcoin as a non-security digital commodity.
As a result, Bitcoin self-custody and peer-to-peer (P2P) transactions have historically been outside the broker-dealer reach described in this guidance.
Even with those limits, the tone of the guidance is significant. Under Chair Paul Atkins, the SEC appears to be reinforcing the idea that self-custodial, non-intermediated activity belongs outside the broker-dealer structure.
This is a notable shift in emphasis compared with the Gensler era, when many enforcement actions were seen as casting a wide net over interfaces touching digital assets, even when the underlying mechanics involved users signing transactions themselves.
Atkins has also suggested there may be an “innovation exemption” on the way, which could potentially extend more relief to tokenized securities trading that relies on decentralized infrastructure.
In simple terms, the SEC is signaling that it recognizes there may be ways to build market access using decentralized tools without recreating the traditional broker-dealer model.
The daily chart shows the total crypto market cap at $2.4 trillion as of Monday. Source: TOTAL on TradingView.com
Featured image from OpenArt, chart from TradingView.com
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Chris Giancarlo, the former chair of the US Commodity Futures Trading Commission, is stepping away from law to become a full-time adviser to cryptocurrency firms.
Giancarlo, referred to as “Crypto Dad” while in office for his crypto advocacy, posted to X on Sunday that he was leaving the law firm Willkie Farr & Gallagher and retiring from law altogether as he makes the switch to advising crypto and fintech companies.
“From here on, I’ll devote my time to advising founders & builders of FinTech & Digital Assets and their CEOs and boards, research & writing on public policy issues, and continuing work with non-profit programs,” he said.
Giancarlo was sworn in as a CFTC commissioner in 2014 during the Obama administration, before President Donald Trump nominated him to be chairman, a title he held between August 2017 and July 2018.
During his stint as chair, he oversaw the approval of the first Bitcoin futures markets in the US and earned the nickname “crypto dad” for his early support for the sector and advocacy for regulation.
Source: Chris Giancarlo
Giancarlo has continued to weigh in on crypto regulatory matters and has advised the crypto bank Sygnum, helping guide the firm on global regulations and strategic partnerships.
Related: SEC proposes certain crypto interfaces don’t need to register as brokers
In early March, Giancarlo appeared on an episode of Scott Melker’s “The Wolf of All Streets” podcast and played down concerns of key proposed regulatory packages like the CLARITY Act not making progress in Congress, arguing that the CFTC and Securities and Exchange Commission would still be able to establish rules to bring clarity to the industry.
Giancarlo acknowledged, however, that this could deter banks from delving deeper into the industry and emphasized the importance of embracing the technology.
“I think there’s a recognition that this is the new architecture of finance and America, our financial institutions are the world’s dominant financial institutions. We need to modernize that. We need to adopt this technology,” he said.
Giancarlo isn’t the only CFTC chair to make a switch from government to the crypto sector. In December, former CFTC acting chair Caroline Pham stepped down from the CFTC to become the chief legal officer at crypto firm MoonPay.
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