U.S. CFTC Faces Unprecedented Shrinkage as Crypto Advocate Stands Alone

The U.S. Commodity Futures Trading Commission (CFTC) is poised to operate with just one commissioner following the departure of Democrat Kristin Johnson next week. Acting Chairman Caroline Pham, a vocal crypto advocate appointed by former President Donald Trump, will soon be the sole decision-maker at the agency.

Johnson's exit on September 3 leaves a critical void in financial oversight as emerging technologies like cryptocurrencies demand regulatory clarity. "Foundational resilience that supports financial stability must not be sacrificed in the name of progress," she warned in her farewell statement.

The confirmation process for Trump's nominee Brian Quintenz—a16z's former policy chief now working with prediction markets—remains stalled. Industry leaders including Gemini CEO Tyler Winklevoss have opposed the nomination, though recent petitions show growing crypto sector support for expedited confirmation.