A change to the US Securities and Exchange Commission’s quorum rules could allow the agency to advance crypto regulations with only one commissioner taking part in some cases, as vacancies leave both major US market regulators with unusually limited leadership. The development comes after Congress failed to pass a comprehensive digital asset market structure bill.
According to Cointelegraph, the SEC and the Commodity Futures Trading Commission are pursuing regulatory proposals that could shape oversight of the cryptocurrency industry while lawmakers’ legislation remains unresolved. The two agencies are responsible for different parts of US financial markets, but both have been working on rules affecting digital assets.
The leadership shortfall is significant because each agency is intended to have five commissioners. At the SEC, Chair Paul Atkins and former Acting Chair Mark Uyeda are the remaining commissioners after Hester Peirce left earlier in October. At the CFTC, Michael Selig has been the only Senate-confirmed chair and commissioner since December 2025.
That leaves important decisions concerning a cryptocurrency market valued in the source material at about $3 trillion concentrated among a small number of officials. Atkins and Uyeda were nominated by US President Donald Trump, while Selig is the sole Senate-confirmed commissioner at the CFTC.
A regulatory path without a market structure law
The leadership vacancies have become more consequential because the agencies have been proposing rules that appear intended to address some of the issues Congress has not settled through legislation.
In August, the SEC proposed a safe harbor under which companies could avoid having their tokens treated as “investment contracts” in certain circumstances. The classification is important because investment contracts fall under US securities regulation, potentially subjecting the businesses and offerings involved to securities-law requirements.
The CFTC followed in October with proposed rules covering cryptocurrency exchanges. Selig said the agency would rely on its “existing statutory authorities” to address crypto regulation. Atkins also said on Oct. 2 that additional regulatory proposals were on the way.
These agency-led efforts are unfolding after US lawmakers failed to enact a comprehensive market structure bill. The legislation still at the center of the debate is the Digital Asset Market Clarity, or CLARITY, Act. Congress has time to consider the bill, but some experts do not expect it to move during the lame-duck period between the 2026 midterm elections and the swearing-in of the next session in January.
What the SEC rule changes
On Sept. 30, the SEC issued a final rule that took effect on Oct. 2. The agency said the amendment was designed to promote greater flexibility and finality in rulemaking.
In many cases, the change lowers the number of commissioners needed for a quorum to one when only two commissioners are present. A quorum is the minimum number of members required for an official body to conduct business or take formal action. With two SEC commissioners remaining, the rule means one commissioner may be enough to approve a formal rule if the other is disqualified, recused or otherwise unavailable.
The possibility drew attention because it could leave major decisions affecting the US securities markets in the hands of a single official. Robin Wigglesworth made that argument in an Oct. 5 Financial Times opinion article, pointing to the SEC’s reduced membership and the possibility that one commissioner might have to recuse themselves from a matter.
Uyeda defended the amendment in a separate Financial Times opinion article published Sunday. He said the SEC’s commitment to its mission had not changed despite the agency having only two commissioners and no announcement from Trump on new nominees. Uyeda said the rule clarified that a quorum could be established when all but one commissioner was disqualified from a matter.
He also rejected the suggestion that the SEC had hastily changed its quorum requirements so the remaining commissioners could act without sufficient institutional safeguards. Uyeda argued that such a characterization misrepresented both the purpose of the revision and its benefits.
Market picture
Moneyiar market data at the stated times show mixed performance among the listed digital assets:
- Lighter (LIT) was trading at $3.366604023, down 8.04% over 24 hours and 12.69% over seven days, as of Oct. 13, 2026, at 20:34 +03:30.
- AKEDO (AKE) was at $0.0251647283, up 4.43% over 24 hours but down 13.97% over seven days, at the same time.
- Billions Network (BILL) stood at $0.0139971939, down 0.59% over 24 hours and up 10.04% over seven days, according to Moneyiar data from Sept. 21, 2026, at 01:39 +03:30.
- Alchemy Pay (ACH) was priced at $0.0058287157, down 2.99% over 24 hours and 0.87% over seven days, as of Oct. 13, 2026, at 20:33 +03:30.
What happens next
The White House had not announced nominees for the vacant SEC and CFTC positions as of Tuesday, leaving open the possibility that the rulemaking process could remain dependent on one person at each agency for months or longer.
The immediate significance is that regulators may continue developing crypto rules even without a completed congressional framework. At the same time, the small number of officials involved means that the agencies’ proposals and final decisions could attract close scrutiny while lawmakers decide whether to advance the CLARITY Act.
