On August 26, 2025, the Commodity Futures Trading Commission (“CFTC”) announced that Commissioner Kristin Johnson will step down, effective September 3, 2025. Johnson, who was appointed in 2022, previously indicated her intent to leave when her term expired in April 2025, but—as is customary for commissioners—she continued to serve beyond that date.

Johnson’s departure is particularly significant because she is the CFTC’s sole Democratic commissioner. Her exit marks the fourth commissioner to resign under the Trump administration, leaving the agency only with Acting Chairman Caroline Pham, a Republican. Pham previously announced her intention to depart the agency upon the confirmation of a permanent Chairman. President Trump has nominated Brian Quintenz to serve as permanent Chairman, but

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