Senior officials at the Commodity Futures Trading Commission who flagged regulatory concerns about three major crypto-linked firms were suspended, investigated, and eventually forced out of the agency. The firms in question, Polymarket, Crypto.com, and a Gemini affiliate, each have alleged business ties to the Trump family.
The revelations come from a New York Times investigation published Sunday, painting a picture of a regulatory agency where career staff who did their jobs found themselves on the wrong end of internal inquiries. By Christmas 2025, the officials had been placed on administrative leave.
What the officials flagged
On Crypto.com, staff worried the platform was not treating small bettors fairly. For Polymarket, the concern centered on inadequate fraud protections. And for a Gemini affiliate, the issue was more fundamental: the entity allegedly had not completed the required regulatory review to operate.
According to the investigation, Acting CFTC Chairman Caroline D. Pham and her legal counsel reportedly intervened on behalf of the firms, facilitating their regulatory approvals despite the warnings from career staff.
