The U.S. SEC has revised the quorum rules, potentially concentrating the authority for cryptocurrency regulation in the hands of a few commissioners

On September 30, the U.S. Securities and Exchange Commission (SEC) released final rules adjusting the quorum requirement to only one commissioner in most cases to constitute a quorum, which took effect on October 2. The SEC stated that this move aims to enhance the flexibility and finality of institutional rule-making. Earlier this month, Commissioner Hester Peirce resigned, leaving only Chairman Paul Atkins and former Acting Chairman Mark Uyeda as the two remaining commissioners, while the agency's statutory seats are five.

The leadership vacancy at the U.S. Commodity Futures Trading Commission (CFTC) is even more pronounced, as Michael Selig has been the only Senate-confirmed chairman and commissioner since December 2025. Both agencies were originally set to have five commissioners. In terms of rule-making, the SEC proposed in August to provide a safe harbor for tokens not to be classified as "investment contracts," and the CFTC followed up in October, with Selig stating that he would utilize existing statutory authority to advance cryptocurrency regulation through proposed rules regarding exchanges; Atkins also mentioned on October 2 that more regulatory proposals would be forthcoming.

On October 5, the Financial Times published a commentary by Robin Wigglesworth, pointing out that with only two commissioners, if one needs to recuse themselves or is unable to perform their duties, a single commissioner can pass formal rules applicable to a securities market worth trillions of dollars. Uyeda subsequently responded in the Financial Times, stating that the SEC's commitment to its mission has not changed, and the rule modification merely clarifies that when all but one commissioner must recuse themselves, the commission can still constitute a quorum.