NYT Report Alleges CFTC Removed Staff Who Questioned Trump-Linked Crypto Firms

A new investigation has raised questions about how the CFTC handled crypto companies connected to the Trump family, claiming agency staff who raised concerns were pushed aside while firms gained approvals.

The report alleges that career officials who questioned prediction market platform Polymarket, crypto exchange Crypto.com, and Gemini affiliate Gemini Titan faced internal pressure or removal after raising compliance concerns.

CFTC Scrutiny of Trump-Linked Crypto Companies

According to the investigation, the three companies were seeking approval or regulatory support tied to prediction market businesses.

Polymarket reportedly has investment links to Donald Trump Jr., while Crypto.com partnered with Trump Media & Technology Group to develop prediction-related products. Gemini founders Cameron and Tyler Winklevoss are also tied to a Bitcoin venture linked to Eric Trump.

Career officials allegedly raised concerns about fraud protections at Polymarket, customer fairness issues at Crypto.com, and whether Gemini Titan had completed necessary regulatory reviews.

Former CFTC Officials Accused of Intervening

The report claims former acting CFTC Chair Caroline Pham and senior counsel Brigitte Weyls intervened in matters involving the companies despite staff objections. Both later accepted roles in crypto firms, with Pham joining MoonPay and Weyls becoming general counsel at Gemini Titan.

Sen. Richard Blumenthal (D-CT) wrote on X;

Crypto Enforcement Activity Falls Sharply

The investigation also highlighted a major drop in crypto enforcement under the current administration. The CFTC reportedly launched only two digital asset related cases, both involving individuals, compared with more than 80 during the previous administration.

The White House rejected claims of conflicts of interest, saying President Donald Trump acts in the public’s best interest.