CFTC Officials Who Questioned Polymarket and Other Crypto Firms Were Suspended, NYT Reports

The U.S. Commodity Futures Trading Commission oversees derivatives and prediction markets. Polymarket, Crypto.com and Gemini have expanded aggressively into crypto and event-contract businesses in recent years, while some of the companies also have business ties to the Trump family. That has put a spotlight on whether the CFTC can enforce its rules independently, free from political influence and conflicts of interest.

A recent New York Times investigation found that several senior CFTC officials who had questioned the businesses of Polymarket, Crypto.com and Gemini were subsequently suspended, investigated or forced out. Caroline Pham, then the agency’s acting chair, was also accused of intervening to assist the companies. Available information does not specify when the suspensions occurred, the value of the transactions involved or the number of officials affected. Questions surrounding internal procedures and potential conflicts of interest remain unresolved.