CFTC left with single commissioner as Johnson exits, crypto oversight in limbo

The U.S. Commodity Futures Trading Commission finds itself with only one remaining leader after Commissioner Kristin Johnson said Tuesday she will officially depart the agency next week.

Johnson, who set September 3 as her last day, had previously indicated her intention to leave, marking the latest in a wave of high-profile exits from the derivatives regulator.

“For nearly two decades, I have advocated for effective regulation of our markets,” Johnson said in a statement, which included focusing on initiatives around artificial intelligence, digital assets and cyber threats.

After completing her term, the Democratic commissioner announced in May that she would be leaving the derivatives regulator. Johnson is one of four commissioners who have either said they are leaving or have left the agency since the beginning of the year.

Since taking office, President Trump has worked to fill his administration with Republican leaders who are pro-crypto.

Quintenz nomination

Democratic Commissioner Christy Goldsmith Romero had her last day at the agency at the end of May. Commissioner Summer Mersinger was the first to announce her resignation publicly and went on to become CEO of the Blockchain Association. Now, Acting Chair Caroline Pham will be the sole commissioner at the agency. But she has said she plans to leave once President Trump’s nominee for CFTC Chair, Brian Quintenz, is confirmed.

Quintenz’s nomination process, however, has been rocky. A vote by a Senate committee to advance his nomination was cancelled twice last month, the second time due to a request from the White House. Others say Gemini’s Tyler and Cameron Winklevoss, among other industry players, have successfully voiced their concerns over Quintenz’s expected agenda.

Washington’s biggest digital asset lobbying groups, however, are pushing for Quintenz’s confirmation to be sent through.

The CFTC will be instrumental in how crypto is regulated in the near future, as lawmakers in Washington are currently working on legislation that would give the agency broader authority over the industry.

Johnson said she is “concerned that the expert staff at the Commission receive the support and investments needed to be successful.”

“The goals of growth and market integrity are not mutually exclusive,” she said on Tuesday. “There is no true conflict between advancing the potential for growth and preserving market stability or integrity. It is possible to prioritize both goals.”