The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are set to have only three active commissioners combined after SEC Commissioner Hester Peirce leaves office on Oct. 2. The reduction comes as both agencies continue shaping cryptocurrency policy while Congress has yet to establish a comprehensive digital asset market structure framework.
Peirce’s departure will leave SEC Chair Paul Atkins and Commissioner Mark Uyeda as the agency’s only two commissioners, while CFTC Chair Michael S. Selig remains its sole commissioner. Both commissions are formally designed to have five members.
KEY TAKEAWAYS
- Hester Peirce’s Oct. 2 departure leaves the SEC with two commissioners.
- The CFTC has operated with Michael Selig as its only commissioner since December 2025.
- Seven of the 10 commissioner seats across the two agencies will therefore be vacant.
- The leadership shortage comes as US regulators continue developing crypto rules without a comprehensive market structure law.
- The failed CLARITY Act leaves the SEC and CFTC working largely through existing laws, rulemaking and regulatory guidance.
SEC LOSES ANOTHER COMMISSIONER AS CRYPTO POLICY REMAINS ACTIVE
Peirce has served on the SEC since January 2018 and became one of the agency’s most prominent voices on digital assets. Her departure will leave the SEC with only Atkins and Uyeda, an unusual configuration for a five-member commission. SEC records confirm Peirce’s term ended with her departure on Oct. 2.
The SEC’s work on cryptocurrency regulation has nevertheless continued. The agency has been developing rules and interpretations covering areas such as crypto asset classification, trading platforms and custody. On Oct. 1, for example, the SEC published statements from Atkins and Uyeda concerning proposed changes to custody rules, including crypto asset custody.
That means the leadership reduction arrives while the agency is still working on several issues directly relevant to digital asset businesses.
CFTC CONTINUES WITH A SINGLE COMMISSIONER
The situation is even more concentrated at the CFTC. Selig has served as chairman since December 2025, after being nominated by President Donald Trump and confirmed by the Senate. The CFTC’s official website currently lists Selig as its only commissioner. The CFTC is legally structured around five commissioners, with presidential appointments subject to Senate confirmation. Its rules also limit the number of commissioners who can belong to the same political party.
Despite the vacancy, the agency has continued its regulatory work. The SEC and CFTC have also pursued coordination on digital asset oversight, including a joint approach to applying federal securities and commodities laws to certain crypto activities. A March 2026 federal regulatory document recorded Selig as the only CFTC commissioner voting on a joint crypto interpretation, with no commissioner voting against it.
CLARITY ACT FAILURE LEAVES REGULATORS WORKING UNDER EXISTING LAWS
The leadership vacancies come after Congress failed to enact the Digital Asset CLARITY Act, legislation that sought to establish clearer boundaries between SEC and CFTC jurisdiction over digital assets.
Without a new statutory framework, the agencies continue to rely on existing federal law, regulatory rulemaking and staff guidance to address crypto markets. This leaves important questions about the classification and oversight of digital assets to the regulators and, in some cases, future congressional action.
The result is a regulatory environment in which the SEC and CFTC can continue operating, but with significantly fewer commissioners participating in formal decision-making.
NOMINATIONS REMAIN THE NEXT MAJOR DEVELOPMENT
The immediate question is when the vacant seats will be filled. Federal law requires commissioners to be nominated by the president and confirmed by the Senate. The White House has previously submitted CFTC nominations, including Selig’s nomination in 2025, but the current official CFTC roster still shows only Selig serving on the commission.
For the crypto industry, future nominations will matter because the composition of both agencies can influence how digital asset rules, enforcement priorities and market oversight develop.
CONCLUSION
Peirce’s departure reduces the SEC to two commissioners and leaves the CFTC with one, bringing the combined number of active commissioners at the two agencies to three. The vacancies do not stop either regulator from functioning, but they highlight the limited leadership capacity available as US authorities continue developing cryptocurrency policy.
With the CLARITY Act no longer providing an immediate legislative framework, the SEC and CFTC remain important players in determining how existing financial laws apply to digital assets. The next major development will be whether and when the vacant commissioner positions are filled.
