The exodus of commissioners from the US Commodity Futures Trading Commission (CFTC) is regarded as “not a great situation” by Christy Goldsmith Romero. Here’s why:
Reduced diversity of opinions: The CFTC could be left with just one commissioner by the end of 2025 after the departure of four commissioners. Goldsmith Romero said in a May 27 interview at the Brookings Institution that this would make rule – making more difficult as there would be a less diverse range of opinions. She emphasized that during her tenure, the different perspectives and experiences of all the commissioners were “really helpful” when combined. With fewer commissioners, the back – and – forth and push – and – pull discussions that are beneficial for reaching the right decisions would be lost.
Impact on regulatory work: Goldsmith Romero is concerned that if the CFTC is left with only one commissioner and is given new authority over crypto – regulation, it will face great challenges. The departure of commissioners may lead to changes in the direction of regulatory policies, affecting the regulatory work of the CFTC in the cryptocurrency and derivatives markets, and also having an impact on market participants’ confidence.
In addition, Goldsmith Romero will leave the CFTC on May 31. After her departure, Commissioner Kristin Johnson will be the sole Democrat at the CFTC, and she has also announced plans to leave the agency before 2026. Republican Commissioner Summer Mersinger left on May 30, and Acting CFTC Chair Caroline Pham also plans to leave if Brian Quintenz is confirmed as the head of the agency.
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