Johnson Exit Leaves CFTC Under Single-Member Leadership

U.S. Commodity Futures Trading Commission member Kristin Johnson said she will leave the regulator on 3 September, a move that will reduce the normally five-seat commission to a single member. Johnson, the lone Democrat on the panel, announced her departure in a statement on Tuesday.

Acting Chair Caroline Pham, a Republican, will become the agency’s sole commissioner until the Senate confirms additional nominees. President Donald Trump has named former commissioner Brian Quintenz to lead the CFTC, but his nomination is still awaiting Senate action, and the White House has not yet filled the other three vacancies.

The vacancy adds to operational strains at the derivatives watchdog. CFTC staffing has fallen at least 15% since 2021, according to internal figures cited by staff, and the administration’s fiscal-2026 budget proposal calls for further enforcement cuts. The leadership gap comes as the agency faces an expanded mandate over cryptocurrency and other emerging markets.

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