Following the announcement of the resignation of Democrat Kristin Johnson, the U.S. Commodity Futures Trading Commission (CFTC) will have only one female member remaining — Acting Chair Caroline Pham. Johnson’s departure is scheduled for September 3, 2025.
This is reported by Business • Media
Regulator Funding and Calls to Congress
In her farewell statement, Kristin Johnson emphasized the need for increased funding for the CFTC, particularly given the agency’s growing role in the area of digital assets. She highlighted that the regulator requires additional resources to effectively manage cryptocurrencies, considering the current transformations in market infrastructure.
“At a time when significant changes are being considered in the markets and market structure, I am concerned that the Commission’s expert staff receives the support and investment necessary for success.”
Johnson joined the CFTC in 2022 by nomination of former President Joe Biden. She has repeatedly stressed the importance of expanding the agency’s powers in regulating digital assets.
Personnel Changes and the Future of Regulation
Johnson’s resignation comes amid staff reductions at the regulator — since the beginning of President Donald Trump’s administration, the CFTC’s workforce has decreased by at least 15%, and the enforcement division faces the risk of further cuts.
Acting Chair Caroline Pham, appointed by President Trump, has openly criticized the previous policy regarding prediction markets. She emphasized the need to reassess regulatory approaches instead of blindly adhering to old rules. Pham initiated a roundtable with experts to develop a new regulatory framework. She is also actively promoting a review of the stance on prediction platforms Kalshi and Polymarket — notably, Kalshi recently won a lawsuit against the CFTC.
Currently, Donald Trump’s nominee for the CFTC chair, Brian Quintenz, is still awaiting Senate confirmation. The process has been delayed due to voting holdups in the committee, although the White House supports Quintenz’s nomination. Cryptocurrency associations have urged the Senate to confirm him in the position.
Former CFTC Chairman Rostin Behnam, who left office in January, noted before his departure that the passage of comprehensive cryptocurrency market regulation could take six to ten months, and the implementation of new rules by regulators could take another year.
It is worth noting that the situation surrounding the CFTC unfolds against the backdrop of the launch of the Crypto Sprint initiative, aimed at developing transparent rules for the cryptocurrency market in collaboration with the U.S. Securities and Exchange Commission.