SEC eases quorum rule, allowing 1 commissioner to advance crypto rulemaking

The U.S. SEC’s move to ease its quorum requirement could make it easier to advance cryptocurrency-related rulemaking, Cointelegraph reported. The outlet said the SEC and the U.S. CFTC are currently pursuing regulatory decisions affecting the roughly $3 trillion crypto market with just three commissioners in total, as leadership vacancies persist at both agencies, which were each designed to have five commissioners. The SEC announced a final rule on Sept. 30 changing its quorum requirement, and the measure took effect on Oct. 2. Under the revision, if certain conditions are met when only two commissioners remain, one commissioner can constitute a quorum. Meanwhile, as passage of a digital asset market structure bill has been delayed in the U.S. Congress, the SEC and CFTC are moving to draft their own rules using existing legal authority, according to the report. The CFTC also said it would pursue a crypto regulatory proposal related to exchanges in October. The White House has not announced additional nominees to fill vacancies at either agency, and Cointelegraph said decision-making power in crypto rulemaking at the SEC and CFTC is likely to remain concentrated in a small number of commissioners for the time being.