SEC and CFTC down to three commissioners total as Hester Peirce exits
In brief
- Hester Peirce, known as "Crypto Mom," leaves the SEC on Friday, Cointelegraph reported.
- Chair Paul Atkins and Mark Uyeda, both Republicans, will be the SEC's only remaining commissioners.
- Michael Selig has been the CFTC's sole commissioner since December 2025.
- Trump plans nominations "in the near future," an unnamed White House official said.
Two Republicans left at the SEC
Peirce served eight years as an SEC commissioner, and she's leaving about two months before the 18-month extension of her second term runs out. Many in the industry knew her as "Crypto Mom" because of her views on digital assets.
Once she's gone, Chair Paul Atkins and Mark Uyeda (both Republicans) will be the only two commissioners on a bipartisan panel that's supposed to have five. According to Cointelegraph, it'll be only the second time in US history the SEC has operated with two commissioners.
The CFTC is thinner still.
Chair Michael Selig has been its sole commissioner since December 2025, when acting chair Caroline Pham left. Trump chose every remaining commissioner at both agencies except Uyeda, whom Biden picked in 2022.
Who fills the seats?
Under federal law, only President Donald Trump can nominate replacements. The White House hasn't announced any nominations or any intention to make them, though an unnamed White House official told Cointelegraph that Trump intended to nominate members to both agencies "in the near future." A CNBC report dated Sept. 4, as cited by Cointelegraph, said White House officials had been vetting four unnamed candidates for the empty CFTC seats. Cointelegraph asked the SEC and CFTC about potential nominations and didn't get an immediate response.
Senate Democrats raised the issue in a June letter to Trump and Senate Majority Leader John Thune, referring to the SEC, the CFTC and other agencies.
"But the Trump Administration appears intent on ensuring that it retains complete control over these agencies, with little interest in working in good faith with Congress."
Rulemaking without CLARITY
Both agencies have kept advancing crypto regulation through rulemaking rather than laws passed by Congress. Many in the industry had pushed lawmakers this month to pass the Digital Asset Clarity (CLARITY) Act, but the bill failed in the Republican-controlled Senate. It was expected to give the CFTC more authority over digital assets, taking over roles the SEC holds now.
Without it, the SEC has issued staff guidance on investment contracts, and the CFTC has set out how companies can use blockchain recordkeeping.
For now, that work sits with three commissioners.
Frequently asked questions
Who can fill the empty SEC and CFTC commissioner seats?
Under federal law, only President Donald Trump can nominate replacements. The White House hasn't announced any nominations, but an unnamed White House official told Cointelegraph Trump intended to nominate members to both agencies "in the near future."
Who will remain at the SEC and CFTC after Hester Peirce leaves?
According to Cointelegraph, SEC Chair Paul Atkins and Mark Uyeda, both Republicans, will be the SEC's only commissioners. Chair Michael Selig has been the CFTC's sole commissioner since December 2025, when acting chair Caroline Pham left.
What was the CLARITY Act expected to do?
The Digital Asset Clarity (CLARITY) Act was expected to give the CFTC more authority over digital asset regulation, taking over roles now held by the SEC. The bill failed in the Republican-controlled Senate despite pressure from many in the industry.
