NYT Alleges CFTC Purged Staff Over Trump-Tied Crypto Firms
A New York Times investigation claims that the Commodity Futures Trading Commission (CFTC) removed career officials who raised concerns about three crypto firms linked to the Trump family: Polymarket, Crypto.com, and Gemini Titan. Then-acting Chair Caroline Pham and senior counsel Brigitte Weyls reportedly helped these firms gain approvals despite staff objections.
Staff Interventions and Purges
Senior officials reportedly worried about issues like consumer protection, fraud safeguards, and incomplete reviews. According to the report, Pham and Weyls intervened to fast-track approvals. By late 2025, at least five officials who questioned the firms were placed on leave or investigated. Pham later joined MoonPay, while Weyls became general counsel at Gemini Titan.
Sharp Drop in Crypto Enforcement
The CFTC has launched only two digital asset cases under the current Trump administration, compared to over 80 during the Biden years. The agency also dropped at least five ongoing crypto probes. This marks a major shift in enforcement approach toward the crypto industry.
Reactions and Broader Impact
The White House denied any conflicts of interest. Polymarket and Crypto.com defended their compliance standards. Critics, including Senator Richard Blumenthal and policy experts, called for closer scrutiny of crypto legislation like the CLARITY Act. The report raises questions about regulatory independence at the CFTC.
