SEC and CFTC Hit by Leadership Vacancies Amid Crypto Regulatory Uncertainty

The US Securities and Exchange Commission (SEC) is set to lose Commissioner Hester Peirce on October 2, leaving the commission with only two commissioners - both Republicans. This marks a significant change in the internal balance of the SEC.

Prior to her departure, Peirce had been a strong advocate for a more permissive stance towards digital assets. Her exit will be only the second time in US history that the SEC has operated with just two commissioners.

The CFTC also continues to operate with a single commissioner, Chair Michael Selig, who took over after acting chair Caroline Pham departed in December 2025. The lack of additional commissioners at both agencies may limit their ability to align policy decisions with evolving market questions.