Securities Regulation Daily Wrap Up, CFTC NEWS—Bipartisan House Agriculture leaders urge Trump to fill empty CFTC commissioner seats, (May 18, 2026)
The leaders of the CFTC’s House oversight and funding committee said it is a bipartisan priority to fully equip the CFTC, which has been operating with just one member of a five-member Commission since last September.
Emphasizing bipartisan agreement, leaders of the House Agriculture Committee pressed President Donald Trump to nominate commissioners to fill four empty seats on the Commodity Futures Trading Commission. In a letter, Chairman Glenn “GT” Thompson (R-Pa) and Ranking Member Angie Craig (D-Minn) cited the CFTC’s full agenda and potential increase in crypto oversight in calling on Trump to replenish the Commission.
“We encourage you to nominate a full panel of bipartisan Commissioners to join Chairman Selig in implementing the agenda charted for the Commission,” the lawmakers wrote.
The CFTC’s authorizing statute provides for a five-member commission, but the CFTC is currently operating with just one member, Chairman Michael Selig.
The CFTC’s reduced status has taken on new urgency as legislation advances to give the CFTC expanded oversight of spot digital asset markets. The House passed the CLARITY Act last July providing for crypto market regulation, and the Senate Banking Committee advanced its own version on May 14. Senate Agriculture Republicans floated a discussion draft in January but ran into heavy opposition from Democrats.
“Urgent regulatory issues.” Thompson and Craig cited “urgent regulatory issues” including market volatility, rapid technological innovation, and evolving market structures.
They noted that pending legislation would significantly expand the CFTC’s mandate to bring spot digital commodity transactions under federal oversight, which would require significant rulemaking.
The letter also drew Trump’s attention to the House Agriculture Committee’s role as the CFTC’s source of appropriations funding.
“[A] full commission will complement your Administration’s request for an increase in the Commission’s budget, making a welcome pairing of bipartisan leadership and essential financial resources,” the legislators stated.
Drastically reduced Commission. The Commission dwindled in 2025 as commissioners exited and no new nominations were put forward. The Commission was reduced to a single member, then-Acting Chairman Caroline Pham, after Commissioner Kristin Johnson departed on September 3, 2025. Pham left when Selig was sworn in on December 22, 2025.
Under the Commodity Exchange Act (CEA), the Commission is composed of five commissioners appointed by the President with the consent of the Senate. No more than three commissioners can be members of the same political party.
Operating with a single member may put the Commission in murky legal territory. The CEA does not contain a clear quorum requirement like the SEC’s authorizing statute, but does contain language indicating that a multi-member commission is contemplated for normal operations.
Bipartisan priority. Thompson and Craig said that ensuring the Commission is well-equipped is “a bipartisan priority for the members of our Committee.” They said a complete commission allows the CFTC to “best fulfill its mandate of promoting integrity, resilience, and vibrancy of U.S. derivatives markets and will advance U.S. leadership.”
“As the Commission carries out its work, the public, the markets, and the agency itself will be best served by a full five-member commission,” they wrote. “This will result in better regulations, more durable rules, and more sensitivity to the divergent views of key derivatives market stakeholders.”
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