BlockBeats report: On May 25, according to an investigation by The New York Times, CFTC career officials were removed after raising concerns about Polymarket, Crypto.com, and Gemini-affiliated company Gemini Titan—all of which have business ties to the Trump family.
Reports indicate that then-CFTC Acting Chair Caroline Pham and Senior Legal Counsel Brigitte Weyls intervened to help three companies obtain approval or circumvent scrutiny; both later joined MoonPay and Gemini Titan, respectively. It is understood that officials had previously expressed concerns that Crypto.com was not treating small retail investors fairly, Polymarket lacked adequate fraud protections, and Gemini Titan had not completed the required reviews for launch.
In addition, during the second Trump administration, the CFTC dropped at least five cryptocurrency investigations and announced only two cases involving digital assets, both targeting individual operators; in contrast, over 80 such cases were brought during the Biden administration.