How the SEC’s lack of leadership could facilitate crypto rulemaking

What happened: After Congress failed to pass a digital asset market structure bill, the SEC and CFTC proposed crypto rules. The SEC amended quorum requirements effective Oct. 2, letting one commissioner pass formal rules in many cases when only two are present. Key numbers: $3 trillion crypto market. Why it matters: With leadership vacancies and no announced nominations, crypto rulemaking could rest with one person at each agency for months. Uyeda defended the quorum change; a Financial Times op-ed questioned its effect on securities markets.

After Congress failed to pass a digital asset market structure bill, the SEC and CFTC proposed crypto rules. The SEC amended quorum requirements effective Oct. 2, letting one commissioner pass formal rules in many cases when only two are present.

With leadership vacancies and no announced nominations, crypto rulemaking could rest with one person at each agency for months. Uyeda defended the quorum change; a Financial Times op-ed questioned its effect on securities markets.