Carolyn Pham, the former CFTC commissioner now leading MoonPay&#x27;s institutional push, says crypto has roughly two and a half years to become too big to fail — and the numbers already prove it&#x27;s happening. Stablecoins did $28 trillion in volume in a single quarter, dwarfing Visa and MasterCard combined. Tokenized repo is hitting $10 trillion every month. In this conversation recorded live at Consensus 2026, Carolyn breaks down what MoonPay Institutional actually means for every bank and asset manager trying to get into crypto without building from scratch, why the narrative that DeFi is incompatible with KYC is a complete fallacy, and how she built America&#x27;s first digital asset taxonomy at the CFTC that became the foundation for everything the SEC and CFTC are doing now. She explains why this isn&#x27;t disruption but modernization, how a $100 million acquisition of Israeli defense tech cybersecurity gives MoonPay the wallet infrastructure institutions actually trust, and why a Bitcoin in every brokerage account is the real point of no return.<br><br>Learn more about your ad choices. Visit megaphone.fm/adchoices

Bitcoin In Every Brokerage Account CHANGES EVERYTHING - Caroline Pham

The Wolf Of All Streets

# Full Transcript

**Podcast:** The Wolf Of All Streets

## Participants

- **Casey** (None)
- **Caroline Pham** (None)
- **Caroline Pham** (MoonPay)

## Transcript

Caroline Pham, The former CFTC Commissioner now leading MoonPay's institutional push, Says crypto has roughly two and a half years to become too big to fail. And the numbers prove it. Stablecoins did 28 trillion in volume in a single quarter, dwarfing Visa and MasterCard combined. Tokenized repo is hitting 10 trillion every month. And 2026, she says, is officially the year of institutional adoption.

I came out, I think, January 2nd or January 3rd and I said 2026 is going to be the year of institutional adoption. It's like, Caroline, why are you saying that? Because I've been working on it since 2018, actually. In this conversation, the woman who built America's first digital asset taxonomy breaks down what MoonPay institutional actually means for every bank and asset manager on earth. JPMorgan, for example, they have spent years building their own proprietary tech stacks that have on-chain capabilities. But if you're now just coming to the game because now you realize you actually are allowed to do so,

how are you going to get up to speed? If you have an infrastructure partner who can deliver for you blockchain in a box and it's turnkey, that's what everybody wants. Why the DeFi is incompatible with KYC narrative is a complete fallacy. MoonPay has been doing KYC AML since it was founded in 2019. That's on non-custodial wallets, 30 million users, 180 countries. It works. It's possible. What the real convergence between TradFi and DeFi looks like at scale.

All of these major institutions have been investing. At this point in time, it's billions of dollars across the industry. This is a whole scale upgrade of financial pipes and plumbing. And why a Bitcoin in every brokerage account changes the game forever. Let's go.

How many shows are you doing? How many of these are you doing while you're here? Ask Casey. I just go where she tells me. Casey's actually my boss. Yeah, she's secretly your boss. Yeah, Casey's bossing it up. All right. Get her a third chair. Let's go. So you're having more fun in the crypto industry than you were the CFTC? Or is that the real party over there? No comment.

Well, what has that transition been like for you? I mean, it's a pretty stark difference, I would imagine, in your day to day. Honestly, for me, the hardest transition going to the private sector was Slack. I hate Slack with a fashion. How about Slack? It reminds me of like AOL instant messenger when you used to have all the different tabs that would be different conversations. So I'm trying to figure out like, how do I get back to this like DM that I had? Or where's this channel?

So the Slack is, I'm like four months in and the Slack is still like very challenging. The other thing that I really hate is I do not like Google mail or Google Docs or Google slides because I'm sorry, I'm like a Microsof...

Bitcoin In Every Brokerage Account CHANGES EVERYTHING - Caroline Pham

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Bitcoin In Every Brokerage Account CHANGES EVERYTHING - Caroline Pham

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.