Outgoing U.S. Commodity Futures Trading Commission (CFTC) Commissioner Kristin Johnson announced that she will leave the regulatory agency next Wednesday, September 3, after previously stating earlier this year that she would depart after completing her term by 2026.
Johnson stated in a statement on Tuesday that it has been her "honor and privilege" to serve as a financial market regulator, and she feels "inspired to dig deeper and do more," while seeking "new ways to serve our clients, markets, and our country."
She specifically highlighted her initiatives in assessing cyber threats and the integration of artificial intelligence in financial markets, considering this to be a highlight of her tenure at the CFTC.
Johnson is the only Democratic commissioner at the CFTC, having joined the agency in March 2022 after being nominated by former U.S. President Joe Biden.
Her departure will leave the commission of the regulatory agency nearly vacant, which could slow its work in regulating the cryptocurrency market. Only acting CFTC Chair Caroline Pham will lead the agency, and she will also leave once Brian Quintenz, the regulatory head chosen by President Donald Trump, is confirmed.
Johnson stated that future CFTC staff should receive the support and investment needed for success, especially at a time when "considering such significant changes to the markets and market structure."
She also reiterated that cryptocurrencies must operate within a framework of accountability and oversight, and the commission can prioritize growth while protecting market stability and customers from fraud.
"Sustainable growth relies on, or more accurately, is built upon ensuring that the market remains resilient in the face of volatility, uncertainty, and stress through a regulatory framework," she said.
Alongside the U.S. Securities and Exchange Commission (SEC), the CFTC addresses specific regulatory and enforcement issues related to cryptocurrencies. Congressional Republicans have also been attempting to pass legislation to grant the CFTC greater oversight of the industry.
In its first "crypto sprint" statement on August 1, the CFTC stated it would work closely with the SEC to create a rulemaking process and use "its existing authority to provide comprehensive regulatory clarity."
Under the Commodity Exchange Act, a commissioner can still exercise power to advance rulemaking and oversee all commission activities.
However, outgoing Commissioner Christy Goldsmith Romero stated in May that the mass departure of senior officials at the agency is "not a good situation" for cryptocurrency regulation, as it reduces the diversity of opinions.
Former CFTC Chair Rostin Behnam resigned on January 20 when the Trump administration took over, while Summer Mersinger and Christy Goldsmith Romero resigned in May.
The CFTC should consist of five commissioners, with no more than three commissioners from the same political party.
Trump-nominated CFTC Chair Brian Quintenz's nomination remains pending after White House intervention delayed a Senate vote in late July.
Several cryptocurrency advocacy organizations have called for the confirmation of Quintenz, arguing that a permanent chair is crucial for the commodity regulatory agency to achieve its cryptocurrency goals.
An August report also indicated that Gemini co-founders Cameron and Tyler Winklevoss pressured Trump to reconsider Quintenz's nomination, claiming he would not fully execute the president's cryptocurrency agenda as CFTC chair.
Quintenz served as a CFTC commissioner from 2017 to 2021 during the Trump administration after being nominated by former U.S. President Obama in 2016.
Related: Donald Trump Jr. joins Polymarket board, prediction market platform seeks to return to the U.S.
Original: “CFTC's Kristin Johnson Confirms Departure from Regulatory Agency Next Week”
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