NEW YORK: The Commodity Futures Trading Commission (CFTC) is scrapping a planned headquarters move, citing a need for more space even as the regulator offers buyouts to some long-time employees.
The agency, which has been in the same building for more than 30 years, had previously sought to move into a smaller space and then discussed moving into the same building complex as the Securities and Exchange Commission.
“By maintaining its current headquarters location, the commission will ensure there is enough room for staff as the agency brings more talent onboard to respond to industry growth and innovation,” the posting said.
The commission has been jockeying to be recognisied as the primary regulator of prediction markets, where customers can place wagers on anything from who will win the NBA basketball championship to which actor will be named the next James Bond.
The agency regulates the platforms as derivatives exchanges, but has been battling states over sports wagers.
On top of that, the agency’s workload is expected to grow if Congress enacts landmark digital asset market structure legislation that would establish the CFTC as the primary regulator for much of the crypto industry.
President Donald Trump and his family have close ties to the crypto and prediction market industries.
A CFTC spokesperson said remaining in their current office space would give the agency room to add 100 new employees to its workforce. A Securities and Exchange Commission spokesperson declined to comment.
Meanwhile, the CFTC recently extended deferred resignation programme offers to roughly 50 employees, according to people familiar with the moves who requested anonymity to discuss matters that haven’t been made public.
Politico reported earlier on the CFTC buyouts and early retirement packages.
The agency’s overall workforce was just over 550 as of April, according to federal workforce data. — Bloomberg
