The US Commodity Futures Trading Commission is falling into a single commissioner when Democrat Kristin Johnson leaves the agency next week, and the only other person waiting in the wings to join the regulator, President Donald is President Nominated, Brian Quintenz.
From September 3, the five-member commission falls into one, because that’s when Johnson wants to finish, she said in a Tuesday message.
“By promoting an agenda in the name of growth, it is critical not to settle the basic resilience that supports economic stability and protects the wider economy,” she said in a farewell statement calling on the agency to stick to the basic elements when new technologies come on board.
At the Commissioner Level alone will be acting chairman Caroline Pham, a crypto -attorney who Trump appointed to run the agency while sought a permanent chairman. Trump’s election was ultimately former commissioner Brian Quintenz, who has worked as a police chief at A16z and for the prediction market company Kalshi. But the White House delayed Quintenz’s confirmation process, leaving it in some uncertainty as the Senate returns from its summer erection next week.
The nominee is open opposite by Tyler Winklevoss, CEO of Crypto Exchange Gemini and one of Trump’s favorite crypto insiders, but much of the industry recently asked Trump to speed up Quintenz against a confirmation.
CFTC is the US regulator for derivatives, although it is awaiting congressional measures to give it the power to police the spot market in crypto raw materials, such as Bitcoin . The agency has already been a major player in American crypto supervision, after pushing a number of major enforcement measures and LED discussions on how to integrate the innovations of the crypto sector into the massive global ingredients.
If Quintenz replaces Pham at the top of the agency, she said she intends to leave and return to the private sector.
That will mean that Quintenz would have ruled the Commission’s Solo, short four members, and Trump has so far shown no sign of nominating others. The president’s administration has been characterized by a campaign to cut Democrats away from regulatory commissions, abandon the tradition – and legal mandate – to have both parties involved in federal agencies decisions. Quintenz has said he will move forward with the choices Trump makes.
Although some have claimed that letting a five-person commission fall into one could make it vulnerable to legal challenges for its political traits, there is nothing specific in the law that prohibits the regulator from continuing on this basis. The streamline undoubtedly the review of new rules for a single office rather than five, but the work of writing any crypto rules could already be hampered by the significant staff seen since the Trump administration began to reduce the federal workforce.
Read more: While CFTC is waiting for new chairman, working Chief Pham Rolling on Crypto
