Leadership may be in flux at the CFTC, but former agency chairs see a path forward for it to take on crypto regulation

As Congress accelerates efforts to pass legislation expanding the Commodity Futures Trading Commission’s (CFTC) authority over cryptocurrencies, the agency is experiencing a notable leadership shake-up. All of its top officials have either recently resigned or are expected to step down in the coming months.

While the turnover may seem substantial, former CFTC chairmen told The Block that the timing could prove beneficial, potentially opening the door for a new group of commissioners with more crypto-friendly views. Much of the agency’s upcoming agenda is expected to center around digital assets.

“A significant portion of what lies ahead for the CFTC is tied to crypto-related legislation,”
said Rostin Behnam, former Democratic CFTC Chair and now Distinguished Fellow at the Psaros Center for Financial Markets & Policy at Georgetown University.

In recent weeks, the CFTC’s remaining four commissioners — Democrats Kristin Johnson and Christy Goldsmith Romero, along with Republicans Acting Chair Caroline Pham and Summer Mersinger — have either left the agency or announced plans to do so. Replacing them will likely take time.

• Goldsmith Romero officially departed on May 31.

• Caroline Pham has indicated she will step down once President Donald Trump’s nominee for CFTC Chair, Brian Quintenz, is confirmed.

• Mersinger, the first to go public with her resignation, is leaving to become CEO of the Blockchain Association, a role she assumed this past Monday.

• Johnson, the last to make her plans public, intends to exit by the end of the year.

All commissioner appointments are made by the president and must be confirmed by the Senate. No more than three of the five commissioners may belong to the same political party.

According to Behnam, Quintenz could be confirmed sometime between June and September.

He also noted that significant leadership transitions at the CFTC aren’t unusual, especially during political shifts, recalling times when the agency operated with as few as two commissioners.

“It’s a lot of turnover, no doubt,” Behnam said.
“But historically, this kind of change is fairly normal — nothing too surprising.”

He also emphasized that most of the resignations were announced in advance.

“Early announcements are important,” he said,
“because they signal to both the White House and the Senate that transition is underway, unlike surprise exits which can disrupt continuity.”