U.S. CFTC to Reduce Commission to One Member Next Week

The U.S. Commodity Futures Trading Commission (CFTC) will soon operate with only one commissioner as Democrat Kristin Johnson departs on September 3. The remaining commissioner, Acting Chairman Caroline Pham, advocates for crypto regulation.

Brian Quintenz, President Trump's nominee for chairman, awaits confirmation amidst delays.
Quintenz has faced opposition from some industry figures, including Tyler Winklevoss of Gemini.
The CFTC currently regulates derivatives markets and seeks authority to oversee the spot market for crypto commodities.
If Quintenz is confirmed, Pham plans to resign, leaving the commission without four members.
The reduction in commissioners may lead to legal challenges but is not explicitly prohibited by law.
Staff cuts during the Trump administration could hinder the development of new crypto regulations.