SEC drops to 2 members, and 1 hidden rule shifts crypto power

Hester Peirce’s Oct. 2 resignation has left Paul Atkins and Mark Uyeda as the SEC’s two listed commissioners. A new rule permits one eligible member to constitute a quorum when every other sitting member is disqualified from a particular matter.Under the current roster, that combination puts future Commission decisions on crypto policy in fewer hands.The one-member exception says it depends on disqualification from the specific matter, and it can allow either remaining commissioner to act as the Commission’s quorum in that situation.Peirce’s resignation letter, dated Sept. 21, made her departure effective Oct. 2. The current commissioner roster, updated Oct. 3, lists Chairman Atkins and Commissioner Uyeda. The SEC’s historical service table also records Peirce’s tenure ending Oct. 2.Custody reform and a new offering regime remain proposals, while tokenized-stock trading relief is already an issued conditional order. With the roster reduced to two members, further Commission-level decisions rest with a smaller body, subject to the rules and legal limits governing each action.The quorum amendment, dated Sept. 30 and effective Oct. 2, changes 17 CFR 200.41, the rule defining how many ...