As her tenure at the Commodity Futures Trading Commission (CFTC) comes to an end, Commissioner Christy Goldsmith Romero is sounding the alarm about the agency’s precarious future. Speaking candidly during a discussion at the Brookings Institution on May 27, Goldsmith Romero expressed concern over the wave of departures sweeping through the CFTC’s leadership, calling the situation “not a great one”—especially in the context of crypto regulation.
The commissioner’s upcoming departure, set for May 31, marks yet another key exit in a growing list. If the current trajectory continues, the CFTC could soon find itself functioning under the guidance of a single commissioner. This development, Goldsmith Romero warns, would significantly hamper the agency’s ability to create balanced and effective regulatory frameworks.
“It’s problematic to have just one person shaping policy,” she noted. “There’s immense value in the collaborative friction between commissioners with differing viewpoints. That tension leads to smarter, more nuanced rule-making.” She emphasized that her own policy stances evolved over time thanks to these internal debates, making it clear that a solitary voice simply can’t replace the richness of a multi-member commission.
With four out of five commissioner seats potentially going vacant, the concern is not merely theoretical. Republican Commissioner Summer Mersinger is stepping down on May 30 to lead the Blockchain Association as CEO. Meanwhile, acting CFTC Chair Caroline Pham has indicated she plans to transition into the private sector—contingent on the confirmation of Brian Quintenz as the new chair. Commissioner Kristin Johnson, the agency’s remaining Democrat, is also expected to depart before 2026.
If these transitions occur as expected, Quintenz could be left at the helm of the CFTC alone—a significant deviation from the agency’s five-member design, which is supposed to ensure political balance by limiting one party to a maximum of three seats.
Reflecting on her experience at the agency, Goldsmith Romero highlighted the diversity of thought among commissioners as one of its greatest assets. “Everyone brought a unique lens to the table. That made our oversight sharper and more well-rounded,” she said. The impending vacancies, she warned, could stifle this dynamic entirely, especially if the CFTC is granted more authority over digital assets.
In fact, the idea of assigning primary crypto regulatory responsibilities to the CFTC has gained traction in recent years—particularly among Republican lawmakers and during the Trump administration. Legislation aimed at expanding the agency’s purview is already being drafted. But Goldsmith Romero cautions that such a move would require the CFTC to be fully staffed and operational, not stripped to its bare minimum.
Looking ahead, she believes the CFTC needs to prioritize defining what constitutes a “retail customer,” especially as crypto and similar asset classes continue to attract individual investors. Drawing on her background at the Securities and Exchange Commission (SEC), she stressed the importance of clear investor protections.
“You want people to understand the risks they’re taking,” she explained. “If they lose money, that’s their responsibility—but the playing field needs to be fair. There must be some baseline protections.”
She also advocated for commonsense safeguards, such as prohibiting the co-mingling of customer funds with company assets—a practice that contributed to the collapse of major crypto firms like FTX. Additionally, she suggested that brokers, exchanges, and clearinghouses be required to register with the appropriate regulatory bodies, be it the CFTC, SEC, or both.
As Goldsmith Romero prepares to exit, her parting message is both a warning and a call to action. The CFTC, she implies, is standing at a crossroads. Whether it can rise to meet the regulatory challenges of a rapidly evolving digital economy may depend not just on new rules, but on rebuilding the leadership team needed to implement them.
