Caroline Pham, Acting Chairman of the US CFTC, plans to resign as insufficient number of commissioners may affect the progress of cryptocurrency legislation

According to CoinDesk, Caroline Pham, the acting chairman of the US Commodity Futures Trading Commission (CFTC), plans to resign after the new chairman takes office. Republican commissioner Summer Mersinger has previously confirmed that she will become the CEO of the Blockchain Association in June. If both of them resign at the same time, the CFTC will only have Democratic commissioner Kristin Johnson and potential new chairman Brian Quintenz left, forming a 1:1 party ratio (rather than majority control). Quintenz previously served as the policy leader of a16z, and if he takes office, it may affect the policy direction of CFTC. At present, the Congress is considering a bill to expand the regulatory authority of the CFTC over cryptocurrencies, and the insufficient number of commissioners may affect the legislative process. The normal staffing of CFTC should consist of 5 members, including 3 majority party members and 2 minority party members. After Mersinger's resignation, he will serve as the CEO of the Blockchain Association, which mainly promotes policies related to cryptocurrency. During Pham's tenure, he advocated for adjusting the regulatory approach of the CFTC and reducing enforcement actions in the cryptocurrency sector. Recently, the Trump administration has continued to adjust personnel arrangements for federal regulatory agencies and has replaced several officials appointed by the Democratic Party.