The US Commodity Futures Trading Commission (CFTC) is entering into a leadership vacuum as Commissioner Kristin Johnson confirmed she will step down on September 3. This leaves the regulator with just one sitting member at a time when it is expected to expand oversight into crypto markets.
Johnson had already flagged her intention to step down, but the confirmation of her departure date would trigger the regulator to take fast action. Acting Chairman Caroline Pham has reportedly signaled plans to depart, too.
CFTC left leaderless
President Donald Trump has pledged to make the US the world’s “crypto capital” while his family expands its own digital asset ventures. Yet his nominee to lead the CFTC, Quintenz, is yet to receive a confirmation hearing. Till now, no other candidates have been named for the vacant seats. Without new appointments, the watchdog could be reduced to a one-person commission.
The five-member commission is normally balanced between Democrats and Republicans. However, it needs to deal with back-to-back departures. Commissioner Summer Mersinger (Republican) is leaving at the end of August to take a leadership role at the Blockchain Association. Christy Goldsmith Romero (Democrat) has also stepped down. With Johnson’s exit next month, all four commissioners appointed during the Biden era will be gone.
Johnson was sworn in under President Joe Biden in 2022. She will return to academia at Emory University. During her tenure, she emerged as a vocal advocate for tighter rules in crypto markets following the collapse of FTX. She even pushed for a deeper analysis of artificial intelligence.
CFTC pushes “Crypto Sprint”
The timing of the Commissioners’ leaving the CFTC turns out to be sensitive, as the watchdog has been tasked with expanding oversight of fast-evolving markets, including cryptos. Pham has launched a new “crypto sprint” initiative to implement recommendations from the President’s Working Group on Digital Asset Markets.
The first phase would open the door for trading of spot crypto contracts on registered futures exchanges. The CFTC is now soliciting public feedback on the plan through October 20. Pham, in a release, mentioned that “The public feedback will assist the CFTC in carefully considering relevant issues for leveraged, margined or financed retail trading on a CFTC-registered exchange.” She added that “it’s up to market participants to seize this opportunity to be a part of the Golden Age of innovation.”
A rapid surge in the digital assets market after Trump took over the White House has left Wall Street and institutions curious. Recently, the cumulative crypto market cap regained the $4 trillion mark before bears forced it to correct. Bitcoin, the biggest crypto, went on to hit a fresh all-time high (ATH) of above $124,400 on August 14, 2025. As of now, BTC is trading down by 10.5% from its high at around $111,000 zone.
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