The U.S. Commodity Futures Trading Commission (CFTC) is undergoing a significant transformation, with yet another commissioner announcing plans to step down—marking the fourth high-profile departure in less than a year. Kristin Johnson, who has held a Democratic seat on the five-member commission since March 2022, confirmed she intends to leave the agency later in 2025, signaling a deeper shake-up at one of the most critical financial regulatory bodies in the United States.
Johnson’s term officially ended in April, but like many federal appointees, she has continued serving under a provision that allows commissioners to remain until a qualified successor is confirmed by the Senate. In a public statement on May 21, Johnson reflected on her tenure, highlighting her leadership as sponsor of the CFTC’s Market Risk Advisory Committee. Her work on this committee included steering conversations around the challenges and opportunities posed by emerging financial technologies—including decentralized finance (DeFi), digital assets, and evolving market infrastructures.
As Johnson prepares for her departure, the broader implications are becoming clear. With her exit, every commissioner who was serving at the beginning of 2024 will have either already left or announced plans to do so by the end of the year. In addition to Johnson, Commissioners Christy Goldsmith Romero and Summer Mersinger are both scheduled to step down on May 30 and May 31, respectively. Acting Chair Caroline Pham has also signaled her intention to exit public service, potentially returning to the private sector should former CFTC Commissioner Brian Quintenz receive Senate confirmation as the agency’s next permanent chair.
The position of chair has remained vacant since Rostin Behnam’s departure in February, leaving the leadership of the CFTC in a state of flux. If no confirmations take place soon, the agency could soon be operating without any long-serving members—an unusual situation for an organization responsible for regulating the massive U.S. derivatives markets and a growing slice of the digital asset ecosystem.
This leadership vacuum comes at a particularly delicate time for crypto policy in Washington. The CFTC, alongside the Securities and Exchange Commission (SEC), has been at the center of jurisdictional debates over how digital assets should be regulated. Lawmakers and industry leaders have repeatedly voiced frustration over what they describe as a lack of clarity around regulatory responsibilities, prompting renewed efforts to pass federal legislation establishing a comprehensive digital asset framework.
Johnson’s departure could open the door for a significant ideological shift at the CFTC, especially if former President Donald Trump—who is seeking reelection—succeeds in filling the empty seats with his nominees. Trump has already nominated Quintenz to head the agency, although his confirmation has stalled in the Senate for over three months. Should Trump’s picks ultimately gain control, the CFTC could pivot toward a more industry-friendly stance, potentially accelerating the development of clearer rules for crypto markets.
With the future of digital asset regulation hanging in the balance, the turnover at the CFTC underscores the broader political and regulatory uncertainty facing the crypto industry. As Johnson and her colleagues prepare to exit, all eyes will be on Washington to see how—and when—a new team will step in to fill the void.
