U.S. CFTC Acting Chair Caroline Pham plans to resign, insufficient number of commissioners may affect the progress of crypto legislation

According to a Foresight News report citing CoinDesk, CFTC Acting Chair Caroline Pham plans to resign after the new chair takes office. Republican Commissioner Summer Mersinger has confirmed that she will become the CEO of the Blockchain Association in June. If both of them leave simultaneously, the CFTC will be left with only Democratic Commissioner Kristin Johnson and the potential new chair Brian Quintenz, creating a 1:1 partisan balance (rather than majority party control). Currently, Congress is reviewing legislation to expand the CFTC's regulatory authority over cryptocurrencies, and the insufficient number of commissioners may impact the legislative process. The CFTC's normal composition should be 5 commissioners, including 3 from the majority party and 2 from the minority party.