TLDR
- SEC Commissioner Hester Peirce is leaving the agency on October 2, cutting the panel down to two members.
- The SEC will be left with Chair Paul Atkins and Commissioner Mark Uyeda, both Republicans.
- The CFTC has operated with just one commissioner, Michael Selig, since December 2025.
- The CLARITY Act, meant to clarify crypto oversight rules, failed to pass the Senate this month.
- The White House has not named any nominees to fill the empty seats at either agency.
Two of the main US financial regulators overseeing crypto are about to run with far fewer people at the top. Hester Peirce, a commissioner at the Securities and Exchange Commission for eight years, is set to leave the agency on October 2.
THIS WEEK: 🇺🇸 Hester Peirce, also known as "Crypto Mom," will resign as SEC commissioner on Oct. 2 after nearly nine years. pic.twitter.com/LcZBnkuer8
— CoinMarketCap (@CoinMarketCap) September 29, 2026
Her exit comes about two months before her second term extension was due to end. It will mark only the second time in US history that the SEC has run with just two commissioners.
Peirce was known across the crypto industry as “Crypto Mom” for her generally friendly stance toward digital assets. Her departure leaves Chair Paul Atkins and Commissioner Mark Uyeda as the only two members of a panel usually meant to hold five seats.
SEC and CFTC Both Shrink
Both remaining SEC commissioners are Republicans. Uyeda was originally picked by former President Biden in 2022, while Atkins was chosen by President Trump.
The CFTC is in a similar spot. It has been run by a single commissioner, Chair Michael Selig, since December 2025, when acting chair Caroline Pham left the agency.
A CFTC spokesperson said Selig “welcomes new Commissioners to the CFTC upon their nomination and confirmation by the US Senate.” The spokesperson added that the agency is “more than equipped to also oversee its part of the crypto market.”
Under federal law, only the president can nominate people to fill these open seats. So far, the White House has not announced any nominees for either agency.
A White House official told reporters that Trump plans to nominate members to both agencies “in the near future.” CNBC reported on September 4 that officials were reviewing four possible candidates for CFTC seats, though no names were shared.
CLARITY Act Fails in the Senate
The staffing gap comes right after Congress failed to pass the Digital Asset Clarity Act, known as the CLARITY Act. The bill was expected to give the CFTC more authority over crypto oversight in areas currently handled by the SEC.
ICYMI: 🇺🇸 Michael Saylor says the CLARITY Act "placed too much emphasis on restrictions," arguing the most promising path to digital asset freedom over the next two years runs through the SEC, CFTC, Treasury, and White House. pic.twitter.com/Gwag81TSh1
— CoinMarketCap (@CoinMarketCap) September 29, 2026
The bill did not pass despite Republicans controlling the Senate. Without it, the SEC and CFTC are continuing to regulate crypto through their own rulemaking and guidance instead of new law.
The SEC has issued staff guidance on how federal law applies to investment contracts. The CFTC has moved forward on rules for blockchain recordkeeping by companies it oversees.
Senate Democrats sent a letter to Trump and Senate Majority Leader John Thune in June. In it, they argued that Congress built these agencies to work on a bipartisan basis.
The letter said the administration “appears intent on ensuring that it retains complete control over these agencies, with little interest in working in good faith with Congress.” The letter covered the SEC, CFTC, and other federal departments.
For now, crypto companies are left watching two agencies with thin leadership make decisions through internal guidance rather than clear legislation. Enforcement and disclosure rules will keep moving forward even with just three commissioners total across both agencies.
The next thing to watch is whether the White House sends nominations to the Senate. Cointelegraph reported that the SEC did not respond to a request for comment on potential replacements.
