TechFlow News, May 24: According to a Cointelegraph report, an investigative article published by The New York Times on Sunday revealed that several senior officials at the U.S. Commodity Futures Trading Commission (CFTC)—who had raised regulatory concerns regarding Polymarket, Crypto.com, and a Gemini-affiliated company—were subsequently placed on administrative leave, subjected to internal investigations, and ultimately forced to resign. All three companies are alleged to have business ties to the Trump family.
The report states that Caroline Pham, then serving as CFTC’s Acting Chair, and her senior advisor intervened to assist these companies in obtaining necessary approvals. By late 2025, five officials who had raised concerns or enforced cryptocurrency-related regulations were placed on administrative leave and subjected to internal investigations—none of whom were informed of the specific reasons. After leaving the CFTC, Pham joined MoonPay, a cryptocurrency firm partnered with Polymarket; her senior advisor, Brigitte Weyls, became General Counsel for Gemini Titan—the very company whose application she had participated in approving.
On the enforcement front, the CFTC has dropped at least five cryptocurrency-related investigations, with enforcement actions plummeting from over 80 under the Biden administration to just two during the Trump administration. In response, a White House spokesperson denied any conflict of interest, stating, “President Trump will act solely in the best interests of the American public.”
