SEC rule change allows single commissioner to pass rules with only two commissioners present

The SEC adopted a final rule effective October 2, which amends quorum requirements to allow a single commissioner to pass formal rules when only two commissioners are present, aiming for 'promoting flexibility and finality of agency rulemaking.' This development, alongside the CFTC's limited leadership (Michael Selig is the only Senate-confirmed chair and commissioner since December 2025), means crypto market regulation for the $3 trillion market may be largely decided by just three individuals, including two nominated by Donald Trump. The SEC and CFTC have both proposed rules to regulate cryptocurrencies, such as the SEC's August proposal for a safe harbor from tokens being treated as 'investment contracts' and the CFTC's October proposal using 'existing statutory authorities' on exchanges.