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End at 18:00, May 25 (UTC)
Two CFTC commissioners will resign, and the committee is facing personnel changes.
According to the Gate.io News bot, CoinDesk reported that CFTC acting chair Caroline Pham plans to resign after the new chair takes office. Meanwhile, Republican commissioner Summer Mersinger has confirmed that she will take office as the CEO of the Blockchain Association in June.
The departure of two commissioners will leave the CFTC with only two serving commissioners, creating a situation where there is one commissioner from the Democratic Party and one from the Republican Party. Former a16z policy head Brian Quintenz has been nominated as the new chairperson candidate.
Currently, Congress is reviewing a bill to expand the CFTC's regulatory authority over cryptocurrencies. Legislative work is still ongoing despite the number of CFTC commissioners being reduced to two.