CFTC down to two
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Come June, the CFTC will have just two of five commissioners — a leadership gap that could slow things down unless the White House and Senate pick up the pace.
Why it matters: The CFTC oversees derivatives markets, making it the closest thing to a regulator for trading in assets like bitcoin, ether and prediction markets.
- And there's talk about giving the agency expanded authority over crypto spot markets in legislation expected this year.
The big picture: That's a good chunk of new policy in need of crafting, a task made even more daunting considering a new chair is waiting for confirmation, too.
Catch up quick: Commissioner Christy Goldsmith-Romero announced last week that she's leaving the commission May 31.
- Just days earlier, the Blockchain Association named Commissioner Summer Mersinger as its new executive director. Mersinger's last day at the CFTC will be May 30.
State of play: That leaves the agency with only two members. At the moment, that's acting chair Caroline Pham and one remaining commissioner, Kristin Johnston.
- Brian Quintenz has been nominated as the new chair, and is still waiting for his Senate confirmation to be scheduled. But if and when he takes over, Pham intends to return to the private sector.
- Which brings the agency back to two.
What we're watching: How quickly the White House nominates more commissioners.
