Kristin Johnson, the lone Democratic commissioner at the US Commodity Futures Trading Commission, announced she will step down from the agency on Sept. 3. She had previously indicated plans to leave before her term ended in 2026.
In a statement Tuesday, Johnson called it an “honor and privilege” to serve as a financial markets regulator, adding that she is “inspired to dig in and do more” as she explores new opportunities to serve “customers, markets, and our nation.”
During her tenure, she highlighted efforts to strengthen oversight of cyber threats and assess the role of artificial intelligence in financial markets as key achievements. Johnson joined the CFTC in March 2022 after being nominated by President Joe Biden.
Her departure will leave the CFTC with just one remaining commissioner, potentially hampering the agency’s ability to advance its regulatory agenda, including oversight of the crypto market. Acting Chair Caroline Pham will be the sole member until Brian Quintenz — former President Donald Trump’s nominee to lead the regulator — is confirmed, at which point she is also expected to step down.
CFTC urged to prioritize growth and consumer protection
Johnson emphasized that CFTC staff should be given the resources and support necessary to succeed, particularly as markets undergo major structural changes.
She reiterated that crypto must operate under clear accountability and oversight, noting the commission can foster growth while safeguarding market stability and protecting investors from fraud.
“Sustainable growth is built on a regulatory framework that ensures markets remain resilient amid volatility, uncertainty, and stress,” she said.
“The goals of growth and market integrity are not mutually exclusive. There is no true conflict between advancing the potential for growth and preserving market stability or integrity.”
Regulatory progress may stall amid vacancies
Together with the Securities and Exchange Commission, the CFTC has taken on targeted regulatory and enforcement matters in the crypto sector. Congressional Republicans have meanwhile pushed legislation that would expand the CFTC’s authority over digital assets.
In its first “crypto sprint” statement on Aug. 1, the agency said it would coordinate with the SEC to develop a rulemaking process and use “existing authorities to provide fulsome regulatory clarity.”
Even with just one member, a commissioner retains the authority to move forward with rulemakings and oversee all responsibilities under the Commodity Exchange Act.
In May, outgoing Commissioner Christy Goldsmith Romero warned that the departure of senior leaders was “not a great situation” for crypto oversight, as it reduces the diversity of viewpoints within the agency.
Former Chair Rostin Behnam resigned on Jan. 20 with the change in administration, while commissioners Summer Mersinger and Goldsmith Romero both stepped down in May.
The CFTC is meant to be led by five commissioners, with no more than three from the same political party.
Quintenz confirmation remains uncertain
Brian Quintenz, former CFTC commissioner and Trump’s nominee to lead the agency, remains in limbo after the White House delayed a Senate vote on his confirmation in late July.
Crypto industry groups have urged lawmakers to approve his appointment, arguing that a permanent chair is essential for the regulator to advance its digital asset agenda.
An August report indicated that Gemini co-founders Cameron and Tyler Winklevoss lobbied Trump to reconsider the pick, contending Quintenz would not fully carry out the administration’s crypto priorities as chair.
Quintenz previously served as a CFTC commissioner from 2017 to 2021, having first been nominated by President Obama in 2016.
