As commissioners continue to depart, the Commodity Futures Trading Commission (CFTC or Commission) may soon find itself in an unprecedented situation - operating with only one sitting commissioner. While the Commission has weathered periods with as few as two commissioners, a one-member Commission would mark uncharted territory. Yet, under the Commodity Exchange Act (CEA), the CFTC may continue to function and make decisions, even with a single member.

A Wave of Departures Leaves the CFTC at a Crossroads

The CFTC is in the midst of a broad leadership turnover. Chairman Rostin Behnam departed earlier this year following the presidential transition. Since then, three additional commissioners have announced their exits: Summer Mersinger has stepped down to lead the Blockchain Association, Christy Goldsmith Romero left the Commission at the end of May, and Kristin Johnson has signaled her intention to depart by year’s end. Meanwhile, Acting Chairman Caroline Pham has indicated she plans to leave the agency once Brian Quintenz is confirmed as Chairman. If these timelines hold, Mr. Quintenz could be the sole commissioner overseeing the CFTC, at least temporarily.

What the Law Allows: One Commissioner Can Act

While this potential scenario is unusual, it is not unworkable. Section 2(a)(3) of the CEA provides that “a vacancy in the Commission shall not impair the right of the remaining Commissioners to exercise all the powers of the Commission.”[1] Unlike the Securities and Exchange Commission (SEC), which has codified quorum requirements under Rule 200.41 (generally requiring three members for official action), the CFTC has no equivalent provision.[2] There is no regulatory minimum for quorum at the CFTC. As a result, one seated commissioner retains the full Commission’s authority to advance rulemakings and oversee all Commission activities.

Why it Matters: Governance, Rulemaking, and Oversight

The Commission’s responsibilities extend beyond rule proposals and enforcement actions. Each commissioner plays a role in shaping regulatory priorities, proposing new rules, overseeing market divisions, engaging with market participants, and working with advisory committees. A single-member CFTC would retain legal authority but might arguably face practical constraints in preserving deliberative rigor and balancing industry input.

Key functions that could be impacted include:

• Rulemakings and Settlements: Even with just one vote, the Commission could proceed with notices of proposed rulemaking, adopt final rules, and approve enforcement settlements or exemptive orders.
• Strategic Agenda-Setting: The sole commissioner would have discretion to outline policy priorities, propose rulemaking timetables, and shape enforcement strategy.
• Division Oversight and Delegation: While core functions could be delegated to staff, ultimate oversight and direction would rest with the remaining commissioner.

Looking Ahead: Quintenz’s Potential Vision for the CFTC

Former Commissioner Brian Quintenz has been nominated by President Donald Trump to return, this time as Chairman. Once confirmed by the Senate, he is expected to bring a pro-innovation, risk-focused approach to CFTC oversight. During his prior tenure, Mr. Quintenz was a strong advocate for regulatory clarity in digital assets and emerging markets. His likely priorities include: supporting responsible innovation, including around digital assets and event contracts; managing systemic risk through targeted, data-informed policies; and enhancing cross-agency coordination with domestic and international regulators.

For more about Mr. Quintenz’s potential agenda, see this Katten post.

Conclusion

Recent announcements by the current Commission make the likelihood of a one-person Commission quite plausible for this upcoming fall. Notwithstanding this unprecedented situation, under its governing statute, the Commission would still be able to continue operating as designed. 

Footnotes 

[1] 7 U.S.C. § 2(a)(3).

[2] 17 C.F.R. § 200.41.