David Edwards
After 23 years of federal service, Christy Goldsmith Romero, a commissioner at the U.S. Commodity Futures Trading Commission (CFTC), announced her resignation with effect from May 31. Her exit marks a significant change in the agency’s leadership team and may provide outgoing President Donald Trump the chance to reorganize the CFTC by appointing new officials.
Exodus of Leadership at the CFTC
Romero resigns at the same time as colleague Commissioner Summer Mersinger, who is scheduled to become CEO of the Blockchain Association on May 30. Due to these departures, the CFTC will only have two Senate-confirmed commissioners left: Commissioner Kristin Johnson, who represents the Democratic party, and Acting Chair Caroline Pham, who represents the Republican party.
When Brian Quintenz, a former CFTC commissioner and Trump’s purported nomination for CFTC chair, gets confirmed by the Senate, Pham has also stated her desire to step down. Quintenz would take one of the three Republican-designated seats that are now vacant if confirmed, which would allow Trump to name up to four commissioners to the five-member panel. By law, a commissioner cannot be a member of the same political party more than three times.
Romero’s Legacy and Supervision of Crypto
Romero, who was appointed in 2022, was instrumental in expanding the CFTC’s supervision of the digital asset sector. In order to address the issues raised by new technologies, such as cryptocurrency, she assisted in the formation of the agency’s Technology Advisory Committee. In addition, she backed enforcement measures against significant cryptocurrency companies, most notably helping to reach a $2.7 billion settlement with Binance.
In her resignation statement, Romero reflected on her tenure, saying, “It has been a tremendous honor to conclude my 23 years of federal service at an agency with such an important mission to ensure that financial markets perform their critical role in the U.S. and global economies.”
Congress Discusses the Crypto Mandate of the CFTC
Romero’s exit occurs as lawmakers discuss proposed legislation that would define the Securities and Exchange Commission’s (SEC) and the CFTC’s responsibilities in overseeing digital assets. Delineating which body has main responsibility over different crypto market segments is the goal of the proposed framework. This is a crucial problem as digital assets continue to gain institutional momentum.
