The Commodity Futures Trading Commission is scrapping a planned headquarters move, citing a need for more space even as the regulator offers buyouts to some long-time employees.
The derivatives regulator plans to extend its current lease for another five years, according to a posting on a government website. 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 HQ 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 CFTC has been jockeying to be the primary regulator of prediction markets, where customers can place wagers on anything from who will win the NBA championship to which actor will be 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. An SEC spokesperson declined to comment.
Meanwhile, the CFTC recently extended deferred resignation program 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 potential departures would affect many in the Division of Market Oversight, particularly for analysts and economists, the people said. That unit monitors derivatives markets trading, ensures exchanges are complying with federal laws and reviews applications for new exchanges.
The agency’s overall workforce was just over 550 as of April, according to federal workforce data. That comes after a year of workforce reductions that saw some of the CFTC’s most experienced managers depart.
The agency’s staff level has dropped almost 25% from 2024, according to the Office of Personnel Management, but in its fiscal 2027 budget request the CFTC sought to increase its total staff to 650 full-time positions.
Workforce Reclassifications
Other workforce changes are also occurring at the CFTC after a recent White House executive order reclassified 25 roles, some of which may be held by multiple people.
Those positions, which include policy advisor and senior counsel roles, previously had civil-service protections. The change makes it easier to fire them.
Read More: Trump Order Makes It Easier to Fire Agency Staffers At Will
Trump has said the move is necessary to make the employees more accountable to elected leaders rather than serving the interests of what he has referred to as the “deep state.”
By comparison, the SEC reclassified three positions out of its staff of about 4,000.