Thinly staffed SEC and CFTC face nomination test after US midterms
The SEC currently has two commissioners and the CFTC just one, all Republicans, out of five seats each meant to be filled on a bipartisan basis. The CFTC can still act because its governing law sets no quorum, and the SEC recently changed its rules so a single commissioner can take policy and enforcement decisions. House Financial Services Chair French Hill has said such workarounds are no substitute for crypto market-structure legislation, while the Independent Community Bankers of America is suing the OCC over trust charters granted to crypto firms.