#CFTC 🚨 Scandal in CFTC: officials "squeezed out" for criticizing crypto firms
The New York Times investigation has exposed a serious purge at the US Commodity Futures Trading Commission (CFTC). Career officials who tried to regulate the crypto market were massively removed and fired.
🔍 What is known?
Senior officials made claims against three giants associated with the Trump family:
Crypto.com - because of unfair conditions for small players.
Polymarket - because of lack of protection against fraud.
Gemini (affiliate) - because of work without proper permits.
Instead of inspections, then-acting CFTC chairwoman Caroline Pham and her team helped the companies get what they wanted, and dissenting officials were sent under internal investigations.
🔄 “Revolving Door”
The CFTC leadership then moved on to work for the same companies:
Caroline Pham moved to crypto firm MoonPay (a Polymarket partner).
Her advisor, Bridget Wales, became the general counsel at Gemini Titan, a company she helped approve.
📉 Crypto regulation on hold
The CFTC effectively stopped fighting crypto violations. The number of enforcement actions fell from over 80 (under Biden) to just 2 (under Trump), both of which were against small operators rather than large firms.