How the SEC’s lack of leadership could facilitate crypto rulemaking
Summary
With Congress’s digital-asset market structure bill stalled, the SEC and CFTC are pursuing crypto rules through their existing authority while operating with few leaders. The SEC has two commissioners and the CFTC only one Senate-confirmed commissioner. A new SEC rule allows a quorum with one commissioner in many cases, prompting concerns that a single official could approve rules affecting securities markets. SEC Commissioner Mark Uyeda defended the change as a practical clarification for cases involving recusals or absences. No new nominations had been announced, and prospects for passage of the CLARITY Act remained uncertain.
