Trump-Era CFTC Suspended Officials Who Questioned Crypto Firms With Trump Ties

Key Points

• Regulators at the CFTC who questioned Polymarket, Crypto.com, and Gemini faced suspension and removal from their positions
• Each of the three companies maintains direct financial connections to the Trump family business empire
• Former acting chair Caroline Pham and her legal counsel stepped in to assist these firms over staff resistance
• Enforcement cases against crypto companies plunged from more than 80 during the Biden presidency to merely two under Trump
• Pham and her counsel subsequently accepted positions at companies they previously helped greenlight

A bombshell New York Times investigation released Sunday has exposed how senior regulators at the Commodity Futures Trading Commission faced suspension, internal investigations, and ultimate dismissal after voicing concerns about three cryptocurrency and prediction market platforms. The comprehensive report relied on internal agency documentation and conversations with over 30 current and former employees.

The investigation centers on three platforms: Polymarket, Crypto.com, and Gemini affiliate Gemini Titan. All three maintain financial relationships with members of the Trump family.

Polymarket secured funding from 1789 Capital, an investment vehicle with partial ownership by Donald Trump Jr. Crypto.com operates as a strategic partner of Trump Media, collaborating on the “Truth Predict” platform launched through Truth Social. The founders of Gemini provide financial backing to American Bitcoin, a venture co-established by Eric Trump.

Career regulators at the CFTC identified particular issues with all three operations. Concerns included Crypto.com’s treatment of retail bettors, inadequate fraud prevention systems at Polymarket, and Gemini Titan’s premature operations before completing mandatory regulatory procedures.

High-Level Interference

Caroline Pham, who served as acting CFTC chair, along with her top legal advisor Brigitte Weyls, directly intervened in each situation, the NYT investigation found. In a notable example, Weyls allegedly transmitted to staff members a pre-written memorandum endorsing Gemini Titan’s registration before the review process had concluded. Protocol dictates that staff members independently prepare such recommendations. The registration received swift approval.

As 2025 concluded, two regulators who had raised questions about these platforms found themselves on administrative leave under formal investigation. Three additional officials responsible for crypto enforcement met identical fates. None received explanations for their treatment.

Staff members, both current and former, informed the NYT that the implication was unmistakable: challenging these industries would not be tolerated.

Dramatic Decline in Enforcement Activity

The CFTC pursued over 80 enforcement proceedings against cryptocurrency entities during President Biden’s tenure. Under the current Trump administration, that figure has collapsed to only two cases, both targeting individual actors rather than established corporations.

The commission additionally abandoned no fewer than five cryptocurrency investigations, including an advanced inquiry into a prominent exchange platform.

Pham subsequently departed the CFTC for MoonPay, a cryptocurrency payment processor with partnership ties to Polymarket. Weyls assumed the role of general counsel at Gemini Titan, the identical firm whose registration she facilitated.

Michael Selig, the current CFTC chair and the agency’s sole commissioner, previously practiced corporate law representing cryptocurrency companies. Trump has yet to put forward nominees for the four remaining vacant commissioner positions.

The House Agriculture Committee recently pressed Trump to appoint commissioners to these empty seats, cautioning that the agency cannot adequately fulfill its mandate with only a single commissioner.

Earlier this month, the Senate Banking Committee approved the CLARITY Act by a 15-9 margin, legislation that would expand the CFTC’s jurisdiction over digital commodity markets substantially.

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