With Johnson’s exit, the CFTC will only have Acting Chair Caroline D. Pham at the commissioner level.
Kristin Johnson
Commissioner Kristin Johnson will step down from her role at the Commodity Futures Trading Commission (CFTC) on September 3. She leaves with a stark message warning that any efforts to deregulate or streamline regulations, including those she has advanced over the past three and a half years, could undermine financial stability and leave markets vulnerable to fraud.
In a speech, Johnson says there is no true conflict between advancing the potential for growth and preserving market stability or integrity. Rather, she states that sustainable growth is built upon a regulatory framework that ensures markets remain resilient in the face of volatility, uncertainty, and stress.
Johnson has been responsible for leading an array of initiatives at the CFTC, from evaluating cyber threats and the integration of artificial intelligence (A.I.) in financial markets to advancing market structure and customer protection reforms.
In today’s climate of cost-cutting at government institutions, she calls on the U.S. Congress to ensure the CFTC continues to receive the necessary investments in infrastructure and technology to preserve customer protection and market stability. She also stresses that, given the rise of innovative technologies, there is now a critical need for resources to “upskill” Commission staff so they are proficient in the tools of the future.
Johnson was sworn into the role on March 30, 2022, after being nominated by former President Joseph Biden in September 2021.
With her departure, the CFTC now consists of Acting Chair Caroline D. Pham as CFTC Commissioners Summer K. Mersinger, a Republican, and Christy Goldsmith Romero, a Democrat, both stepped down from the CFTC at the end of May.
Pham has said that she will step down once Brian Quintenz, President Trump’s pick to lead the CFTC, is confirmed by Congress for the role. If Quintenz, a former CFTC commissioner, takes over as chairman, he will have left his post as head of policy, crypto, at Andreessen Horowitz, a venture capital firm led by Marc Andreessen and Ben Horowitz.
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