SEC, CFTC crypto regulation falls to three commissioners
After Friday, crypto regulation at the SEC and CFTC will rest with just three commissioners. Hester Peirce’s resignation leaves the SEC with two leaders and the CFTC with one, as empty seats go unfilled and Congress has not passed the CLARITY Act. That thinning of leadership matters for how the United States watches a roughly $3 trillion crypto market.
Key Takeaways
- Seven commissioner seats at the SEC and CFTC will be empty after Friday, leaving three leaders for crypto-related oversight.
- SEC Commissioner Hester Peirce departs Friday, leaving Chair Paul Atkins and Mark Uyeda as the agency’s only commissioners.
- The CFTC has been led solely by Chair Michael Selig since December 2025, after acting chair Caroline Pham left.
- The White House has not announced nominations; a CFTC spokesperson said the agency is equipped to oversee its part of the crypto market.
- Without the failed CLARITY Act, both agencies are advancing crypto rules through guidance and rulemaking rather than new statute.
What happened to SEC and CFTC crypto leadership?
Two US financial agencies that enforce digital asset rules will be down to three commissioners after Friday, following the departure of a Republican SEC member, Cointelegraph reported.
Hester Peirce, who served eight years at the US Securities and Exchange Commission and was widely known as “Crypto Mom,” leaves about two months before the end of an 18-month extension of her second term. Her exit marks only the second time in US history the SEC has operated with two commissioners.
At the SEC, Chair Paul Atkins and Mark Uyeda, both Republicans, will remain. The panel is designed for five members. Uyeda was a Biden pick from 2022; other current leaders at both agencies were chosen by President Donald Trump.
The Commodity Futures Trading Commission has been led by Chair Michael Selig as the sole commissioner since December 2025, when acting chair Caroline Pham departed.
Why does thinner crypto regulation at the SEC and CFTC matter?
Seven commissioner seats across the SEC and CFTC will be empty after Friday, leaving few leaders to oversee aspects of the crypto industry. Under federal law, only the president can nominate replacements, and the White House has not announced nominations or a formal slate for the empty seats.
A White House official said Trump intended to nominate members to both agencies “in the near future.” CNBC reported on Sept. 4 that officials had been vetting four candidates for empty CFTC commissioner seats, without naming them.
Cointelegraph sought SEC comment on nominations and did not receive an immediate response. A CFTC spokesperson said Selig “welcomes new Commissioners to the CFTC upon their nomination and confirmation by the US Senate” and that the agency was “more than equipped to also oversee [its] part of the crypto market.”
In a June letter to Trump and Senate Majority Leader John Thune, Senate Democrats argued Congress designed these commissions to be bipartisan and said the administration appeared intent on retaining complete control with little interest in working in good faith with Congress.
How will crypto rules move without the CLARITY Act?
Without full boards, both agencies continue advancing crypto regulation through rulemaking rather than laws from Congress. Industry groups had pushed lawmakers to pass the Digital Asset Clarity (CLARITY) Act earlier this month, but the bill failed in the Republican-controlled Senate.
CLARITY was expected to give the CFTC more authority over digital asset regulation in roles now held by the SEC. Absent that statute, the SEC has issued staff guidance on investment contracts, while the CFTC has specified how companies could use blockchain recordkeeping.
For more coverage of market rules and digital assets, follow BlasterPost’s Fintech & Crypto Alerts hub as nominations and rulemaking evolve.