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The U.S. Commodity Futures Trading Commission (CFTC) has initiated layoffs affecting over two dozen staff members, marking the start of a broader reorganization within the agency. This move follows a recent U.S. Supreme Court ruling that cleared the way for mass federal workforce reductions, bolstering efforts by former President Donald Trump and his previous adviser Elon Musk to reshape the federal bureaucracy.
According to a source familiar with the matter, employees from the CFTC’s enforcement, market oversight, data, and administration divisions are among those impacted. The layoffs are part of a wider effort to streamline operations and restructure the agency under acting Chair Caroline Pham, a Republican. Pham has spearheaded reforms since taking over, including a reorganization of the enforcement division.
The CFTC, which had 636 full-time equivalent staff as of fiscal year 2025, has also recently seen reductions through voluntary resignation programs. These programs, also adopted by other federal agencies, have been used to trim the workforce without initiating mass firings.
The staff cuts align with a broader political agenda to reduce the size of the federal government, a plan previously advocated by Trump and Musk, aimed at increasing efficiency and reducing bureaucratic control. The Supreme Court’s decision has paved the way for such measures by allowing the dismissal of large groups of government employees with fewer legal barriers.
The CFTC, tasked with regulating U.S. derivatives markets including commodities and cryptocurrencies, plays a critical role in market stability and enforcement. The impact of the restructuring on its regulatory capacity remains to be seen as the agency adapts to a leaner operational model under ongoing political and legal shifts.
