CFTC officials who questioned prediction market platforms have been suspended.

Huo Xing Cai Jing reports that on May 24, several senior officials at the U.S. Commodity Futures Trading Commission (CFTC) who had previously raised concerns about prediction market platforms were placed under suspension and ultimately forced to resign. According to the report, these officials had previously expressed regulatory concerns regarding Polymarket, Crypto.com, and affiliated companies of Gemini, including whether Crypto.com treated small users fairly; whether Polymarket had adequate anti-fraud mechanisms; and whether Gemini’s affiliated entities had completed necessary regulatory approvals. Sources familiar with the matter revealed that then-CFTC Acting Chair Caroline Pham and her senior advisors intervened to assist these companies in advancing their approval processes and business requests. The report also noted that CFTC enforcement against the crypto industry significantly weakened during the Trump administration. During the Biden administration, the CFTC launched over 80 crypto enforcement actions, whereas only two have been initiated under Trump so far—both targeting individuals rather than large institutions. Additionally, Caroline Pham has left the CFTC and joined MoonPay, which has partnerships with Polymarket; her former senior advisor, Brigitte Weyls, has taken up the role of General Counsel at Gemini Titan. The White House responded: “President Trump has always prioritized the interests of the American public, and there is no conflict of interest.”