The rules governing the $3 trillion crypto market have just changed in an utterly astonishing way. The U.S. Securities and Exchange Commission (SEC) recently amended its quorum rules, so that when only two commissioners are present, either one can unilaterally approve formal regulations. Commissioner Hester Peirce, known as “Crypto Mom,” has just left, leaving only SEC Chair Paul Atkins and Commissioner Mark Uyeda. Meanwhile, the neighboring Commodity Futures Trading Commission (CFTC) also currently has only one acting commissioner. This means that the power to make or break the entire U.S. crypto market has effectively been concentrated in the hands of just two or three people. And if one of them recuses themself due to a conflict of interest, the other can act alone on behalf of the commission to bring cases and advance regulations. With crypto legislation stalled in Congress, this concentration of regulatory power could make rules take effect at astonishing speed—but it also creates enormous risks of decisions hinging on a single individual.