The U.S. Commodity Futures Trading Commission is about to drop to a single commissioner when Democrat Kristin Johnson leaves the agency next week, and the only other person waiting to join the regulator is President Trump’s chairman nominee, Brian Quintenz.
As of Sept. 3, the five-member commission will be reduced to one, as Johnson will exit, she said in a Tuesday announcement.
“In advancing an agenda in the name of growth, it is critical not to dismantle the foundational resilience that supports financial stability and protects the broader economy,” she said in a farewell statement encouraging the agency to focus on fundamentals as new technologies emerge.
Alone at the commissioner level will be Acting Chairman Caroline Pham, a crypto advocate who Trump appointed to run the agency while seeking a permanent chair. Trump’s pick was ultimately former Commissioner Brian Quintenz, who has worked as a policy chief at a16z and for prediction market firm Kalshi. However, the White House delayed Quintenz’s confirmation process, leaving it uncertain as the Senate returns from its summer recess next week.
The nominee has faced opposition from certain crypto insiders, but much of the industry has recently petitioned for expedited confirmation.
The CFTC is the U.S. regulator of derivatives markets, but it awaits congressional action to allow it to oversee the spot market in crypto commodities. The agency has been pivotal in U.S. crypto oversight, launching significant enforcement actions and engaging in discussions about incorporating crypto innovations into the global commodities markets.
If Quintenz replaces Pham at the helm of the agency, she has indicated she intends to leave and return to the private sector.
This would mean Quintenz would lead the commission solo, short four members, and Trump has not shown signs of nominating others. His administration has aimed to reduce Democratic involvement in regulatory commissions, straying from the tradition of bipartisan decision-making at federal agencies. Quintenz has stated he will proceed with Trump’s decisions.
Some have argued that reducing a five-person commission to one may leave it vulnerable to legal challenges, but there is no specific law prohibiting the regulator from continuing in this manner. It could streamline new rule reviews to a single office rather than five, but the work of drafting eventual crypto regulations could be hindered by significant staff cuts since the Trump administration began reducing the federal workforce.
Read More: While CFTC Awaits New Chairman, Acting Chief Pham Gets Rolling on Crypto
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