The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are set to operate with only three commissioners after the resignation of Hester Peirce, known as “Crypto Mom.” This departure leaves the agencies in a precarious position as they oversee the $3 trillion crypto industry.
Peirce's exit, occurring just two months before the end of her term, means the SEC will now be led by Chair Paul Atkins and fellow Republican Mark Uyeda. Meanwhile, the CFTC has been functioning with only Chair Michael Selig since December 2025, following the exit of acting chair Caroline Pham.
With seven commissioner seats vacant, the White House has yet to announce any nominations to fill these critical roles. The Trump administration, which appointed the current commissioners, has faced criticism for not collaborating with Congress on these appointments.
As both agencies lack full leadership, they are advancing crypto regulation through rulemaking rather than legislative action. The recent failure of the Digital Asset Clarity (CLARITY) Act to pass in the Republican-controlled Senate has further complicated the regulatory landscape, leaving both agencies to interpret federal laws independently.
This leadership vacuum raises significant concerns for the future of crypto regulation in the U.S., as industry stakeholders await clarity on how these agencies will enforce rules in the absence of a full commission.