Key facts
- Hester Peirce, known as "Crypto Mom" for her views on digital assets, is resigning from the SEC after an eight-year tenure.
- Peirce's departure leaves the SEC with only two commissioners, Paul Atkins and Mark Uyeda.
- The CFTC currently has only one commissioner, Chair Michael Selig.
- President Donald Trump has the authority to nominate replacements for the vacant seats at both agencies.
- A White House official stated that Trump intends to nominate members to the SEC and CFTC in the near future.
- The CLARITY Act, which would have given the CFTC more authority over digital assets, failed to pass in the Senate.
The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are set to operate with significantly reduced leadership, impacting the oversight of the approximately $3 trillion cryptocurrency industry. Following the departure of Republican commissioner Hester Peirce from the SEC on Friday, the agency will be left with only two commissioners, Paul Atkins and Mark Uyeda. Peirce, who served for eight years and was known in the industry as "Crypto Mom," is leaving before the end of her extended term. This marks the second time in US history the SEC will have only two commissioners. The CFTC has been operating with a single commissioner, Chair Michael Selig, since December 2025, when acting chair Caroline Pham departed. President Donald Trump holds the sole authority to nominate replacements for these vacant leadership positions. While a White House official indicated that Trump intends to nominate members to both agencies "in the near future," no specific nominations have been announced. Reports suggest White House officials have been vetting candidates for the CFTC seats. The reduced leadership comes as both agencies continue to advance crypto regulation through rulemaking, a process that has drawn criticism from some in Congress who believe such significant regulatory power should be legislated by lawmakers. The Digital Asset Clarity (CLARITY) Act, which aimed to provide the CFTC with more authority over digital assets, failed to pass in the Republican-controlled Senate earlier this month. Without congressional action, the SEC and CFTC have been interpreting federal laws differently regarding token issuers, with the SEC issuing staff guidance on investment contracts and the CFTC specifying blockchain recordkeeping practices.