Article
Low Tide At The SEC: From Five Commissioners To Two
As SEC Commissioner Hester M. Peirce prepares to depart in November 2026, the Commission faces the prospect of operating with just two members for the first time in decades. Can a two-member SEC legally function, and what would this unprecedented composition mean for enforcement actions, rulemaking, and the agency's ambitious crypto agenda? The answer lies in an obscure quorum rule adopted during the Clinton era and recently validated by federal courts.
Holland & Knight