A New York Times investigation raised fresh concerns about the Commodity Futures Trading Commission and its ties to the crypto industry. It said senior officials helped clear regulatory hurdles for firms linked to Donald Trump and his family.
The report focused on Polymarket, Crypto.com, and Gemini and its Gemini Titan product. Each company needed CFTC approval or oversight to expand prediction market operations.
Career staff members reportedly questioned the process at several points. They raised concerns about user protection, fraud prevention, and whether Gemini Titan met approval requirements.
According to the report, some CFTC employees believed Crypto.com did not adequately protect retail users. Others questioned Polymarket’s fraud prevention systems.
Staff members also reportedly asked whether Gemini Titan completed the correct approval process. The report said these concerns came from both current and former employees inside the agency.
The investigation said some employees were placed on leave, removed from the office, or subjected to internal probes after raising objections. It also said the agency atmosphere discouraged challenges to crypto firms and prediction market businesses.
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The report alleged that then-acting CFTC Chair Caroline Pham and senior counsel Brigitte Weyls intervened in favor of the firms. It said Weyls sent staff a draft memo recommending approval for Gemini Titan before internal reviews ended.
The report also pointed to later industry roles taken by both officials. After leaving the CFTC, Pham joined MoonPay, which has a partnership with Polymarket.
Weyls later became general counsel for Gemini Titan. The report said critics of those moves as part of a revolving door between regulators and the crypto industry.
The White House denied wrongdoing and said President Trump acts in the public interest. Polymarket said it has strong safeguards. Crypto.com said it follows federal rules. Gemini did not respond. Pham and Weyls also did not respond to the NYT.
Sen. Richard Blumenthal reacted sharply on X. He said the CFTC had become a tool of prediction markets and shady crypto firms. Amanda Fischer of Better Markets said the allegations should affect debate over the CLARITY Act.
The New York Times report said CFTC officials helped clear regulatory hurdles for Polymarket, Crypto.com, and Gemini Titan while staff raised concerns about approvals and safeguards. The White House and the companies denied wrongdoing. The allegations now add pressure to debate CFTC oversight and the CLARITY Act.