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ZEC $1,405 SEC and CFTC crypto oversight down to three commissioners
Hester Peirce plans to leave the SEC on October 2, according to Blockonomi, leaving the agency with two commissioners.
Key takeaways
- Seven seats sit empty. Cointelegraph reports seven commissioner seats at the SEC and CFTC will be empty after Friday.
- The SEC drops to two. Chair Paul Atkins and Mark Uyeda will remain as two commissioners on a panel expected to hold five people.
- Four CFTC candidates. Cointelegraph cites a CNBC report from Sept. 4 saying officials had been vetting four candidates for empty CFTC seats.
What happened
Hester Peirce plans to leave the US Securities and Exchange Commission on October 2, according to Blockonomi. She served as a commissioner for eight years, and the departure comes about two months before the end of the 18-month extension for her second term.
After her exit, Chair Paul Atkins and Mark Uyeda will be the two remaining commissioners on a panel expected to consist of five people. Cointelegraph reported that seven commissioner seats at the SEC and CFTC will be empty after Friday.
The CFTC has been led by Chair Michael Selig as its sole commissioner since December 2025, when acting chair Caroline Pham departed. Peirce's exit marks only the second time in US history the SEC has operated with two commissioners.
President Donald Trump is the only person under federal law who can nominate replacements to fill the empty SEC and CFTC leadership seats. A White House official said Trump intended to nominate members to both agencies in the near future. A CNBC report from Sept. 4 said White House officials had been vetting four candidates for the empty CFTC commissioner seats, but no names were mentioned.
Why it matters
Both agencies oversee parts of the crypto industry that Cointelegraph described as a $3 trillion market. With those commissioner seats empty, fewer leaders are left to direct that oversight.
Without full leadership, both financial agencies continue to advance crypto regulation through rulemaking rather than laws passed by Congress. The SEC has issued staff guidance on investment contracts, while the CFTC has set out how companies could use blockchain recordkeeping.
The Digital Asset Clarity (CLARITY) Act failed in the Republican-controlled Senate. The bill was expected to give the CFTC more authority over digital asset regulation in roles now held by the SEC.
Senate Democrats said in a June letter to Trump and Senate Majority Leader John Thune that Congress designed these boards and commissions to be bipartisan and gave them the authority to regulate vital parts of American life.
Background
- Peirce served eight years as a commissioner, and many in the industry knew her as "Crypto Mom" for her views on digital assets.
- The White House has not announced any nominations or an intention to nominate additional members to the financial agencies. Uyeda is a Biden pick from 2022, and the report states the other members were chosen by Trump.
What is still unclear
- It is unclear when nominations will arrive. A White House official said Trump intended to nominate members to both agencies in the near future, and the Sept. 4 CNBC report did not mention any names.
- A CFTC representative said Selig welcomes new commissioners upon nomination and confirmation by the Senate, and said the agency remains able to oversee its part of the crypto market.
Questions readers ask
Why is Hester Peirce leaving the SEC?
The reports say she plans to step down on October 2 after eight years as a commissioner, about two months before the end of the 18-month extension for her second term. The reports do not give a reason for the departure.
How many commissioners will the SEC and CFTC have?
Cointelegraph reported that seven commissioner seats at the SEC and CFTC will be empty after Friday. The SEC is left with Chair Paul Atkins and Mark Uyeda, and the CFTC has Chair Michael Selig as its sole commissioner.
Who can fill the empty SEC and CFTC seats?
Trump is the only person under federal law who can nominate replacements, per Cointelegraph. A White House official said he intended to nominate members to both agencies in the near future, and a CNBC report from Sept. 4 said officials had been vetting four CFTC candidates.
What happened to the CLARITY Act?
The Digital Asset Clarity Act failed in the Republican-controlled Senate, according to Cointelegraph. It was expected to give the CFTC more authority over digital asset regulation in roles now held by the SEC.
