The US Commodity Future Trading Commission's (CFTC) only Democrat, Kristin Johnson, said she plans to resign on 3 September, a departure that will leave acting chairman Caroline Pham fully in charge of the agency's orders.
Johnson had already said she would step down after her term ended on 13 April 2025, but she waited until Tuesday to announce her departure date. In a resignation letter, Johnson touted her three years of work at the "small-but-mighty agency", but she said the CFTC needs more resources so it can meet an increasing workload that includes oversight of cryptocurrencies, expanded customer protections and the greater use of artificial intelligence.
"In a moment when such significant changes to markets and market structure are contemplated, I am concerned that the expert staff at the commission receive the support and investments needed to be successful," Johnson said.
The CFTC has already lost two commissioners this year. Once Johnson resigns, the CFTC will remain functional with Pham as the only vote. Unlike other independent agencies, the CFTC does not need a minimum number of members to achieve a voting quorum.
Pham has previously said she will resign once the US Senate votes to confirm Brian Quintenz as the agency's next chairman. The Senate Agriculture Committee last month repeatedly held off on taking a vote to advance Quintenz, pushing back a final confirmation vote until September at the earliest.
