SEC and CFTC Down to Three Commissioners as Hester Peirce Departs

Two of America’s main financial regulators overseeing crypto will operate with just three commissioners combined after Friday, when Hester Peirce leaves the SEC roughly two months before her extended term was set to end.

SEC Down to Two Commissioners

Peirce, known as “Crypto Mom” for her pro-crypto views, served eight years at the SEC. Her exit marks only the second time in US history the agency has operated with just two commissioners, leaving Chair Paul Atkins and Mark Uyeda, both Republicans, on a panel meant to hold five members. The CFTC has already been down to a single commissioner, Chair Michael Selig, since acting chair Caroline Pham left in December 2025.

No Nominations Yet From the White House

Only President Trump can nominate replacements under federal law, but the administration has not announced any nominees. A White House official said Trump intends to nominate members to both agencies “in the near future,” and reports earlier this month said officials had been vetting four candidates for CFTC vacancies without naming them. A CFTC spokesperson said Selig welcomes new commissioners once nominated and confirmed, and that the agency remains equipped to oversee its part of the crypto market. Senate Democrats wrote to Trump in June arguing the administration appears intent on retaining full control over these bipartisan agencies rather than working with Congress.

Crypto Rules Advance Without Clarity Act

With reduced leadership, both agencies continue shaping crypto policy through rulemaking rather than legislation. The CLARITY Act, which would have given the CFTC more authority over digital assets, failed to advance in the Senate earlier this month. In its absence, the SEC has issued staff guidance on investment contracts and the CFTC has specified how companies can use blockchain recordkeeping, each agency interpreting existing law on its own.