CFTC officials suspended over crypto market concerns

Senior CFTC officials were suspended after raising concerns about crypto firms linked to the Trump family. Agency leaders intervened to help the firms, and crypto enforcement actions were reduced.

A New York Times investigation has uncovered that senior officials at the Commodity Futures Trading Commission (CFTC) were suspended, investigated, or forced out after voicing regulatory concerns about prediction market firms Polymarket, Crypto.com, and a Gemini affiliate. These officials cited issues such as inadequate fraud protections at Polymarket, unfair treatment of small bettors at Crypto.com, and incomplete regulatory review by the Gemini affiliate. All three firms reportedly have business or financial ties to the Trump family. Despite these warnings, then-acting CFTC chair Caroline Pham and senior counsel Brigitte Weyls allegedly intervened to secure favorable outcomes for the firms. By late 2025, at least five officials who raised concerns were placed on administrative leave or reassigned, without being informed of any specific rule violations. The CFTC reportedly scaled back its crypto enforcement, dropping several investigations and filing only a few cases, which signaled to staff not to challenge the crypto industry. The White House denied any conflict of interest allegations.