Key Points
- CFTC personnel who questioned practices at Polymarket, Crypto.com, and Gemini faced suspension and removal
- The three companies maintain business relationships with the Trump family
- Former acting chair Caroline Pham and her legal advisor stepped in to assist these firms over staff resistance
- Enforcement cases plunged from more than 80 during the Biden era to merely two under Trump
- Pham and her counsel subsequently joined companies they previously aided in regulatory approval
A comprehensive investigation by The New York Times, released Sunday, reveals that experienced Commodity Futures Trading Commission officials who questioned three cryptocurrency and betting platform operators faced disciplinary action, suspension, and ultimately dismissal during the Trump presidency. The report draws from internal agency documents and conversations with over 30 individuals currently or formerly employed at the commission.
The investigation centers on three organizations: Polymarket, Crypto.com, and Gemini’s related entity Gemini Titan. All three maintain documented financial connections to President Trump’s family members.
Polymarket secured funding from 1789 Capital, an investment vehicle with partial ownership by Donald Trump Jr. Crypto.com has established a commercial partnership with Trump Media, collaborating on the launch of “Truth Predict” within Truth Social’s ecosystem. Meanwhile, Gemini’s founding executives support American Bitcoin, an enterprise co-established by Eric Trump.
Longtime CFTC professionals identified distinct regulatory issues with each organization. Staff expressed apprehension that Crypto.com’s platform might disadvantage retail participants. Analysts determined that Polymarket’s systems lacked sufficient safeguards against fraudulent activity. Regulators also noted that Gemini Titan had begun operations without completing mandatory oversight procedures.
Leadership Override
Caroline Pham, serving as acting CFTC chair, along with her chief legal advisor Brigitte Weyls, personally interceded in all three situations, the Times investigation documented. In a particularly notable incident, Weyls allegedly distributed to staff members a pre-written memorandum supporting Gemini Titan’s licensing request before analysts had concluded their assessment. Agency protocol dictates that such recommendations originate from review staff. The application received swift approval.
As 2025 concluded, two officials who had challenged these firms found themselves on forced administrative leave subject to internal scrutiny. Three additional staff members involved in cryptocurrency law enforcement encountered identical treatment. None received explanation regarding alleged misconduct.
Individuals with current and past agency employment told the Times that the implications were unmistakable: challenging these sectors would not be tolerated.
Dramatic Decline in Regulatory Actions
During President Biden’s tenure, the CFTC initiated over 80 enforcement proceedings against cryptocurrency entities. Under the present Trump administration, that figure has collapsed to just two actions, both directed at individual actors rather than established corporate entities.
The commission additionally abandoned no fewer than five cryptocurrency investigations, including an advanced inquiry into a prominent trading platform.
Pham subsequently departed the CFTC for MoonPay, a cryptocurrency payment processor maintaining business relations with Polymarket. Weyls assumed the position of chief legal officer at Gemini Titan, the identical organization whose licensing she facilitated.
Michael Selig, the current CFTC chair and the commission’s sole sitting member, previously provided legal representation to cryptocurrency companies in private practice. President Trump has yet to put forward candidates for the four unoccupied commissioner positions.
The House Agriculture Committee recently pressed Trump to fill the vacant seats, cautioning that the agency cannot adequately fulfill its mandate with only a single commissioner.
White House representatives disputed any impropriety. “President Trump only acts in the best interests of the American public,” spokesperson Davis Ingle stated to the Times. “There are no conflicts of interest.”
The Senate Banking Committee approved the CLARITY Act earlier this month by a 15-9 margin, legislation that would substantially expand the CFTC’s jurisdiction over digital commodity markets.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
