Senior officials at the Commodity Futures Trading Commission who raised regulatory concerns about three major crypto-linked firms were suspended, investigated, and forced out of the agency, according to a New York Times investigation. The firms in question-Polymarket, Crypto.com, and a Gemini affiliate-each have alleged business ties to the Trump family.
By Christmas 2025, the officials had been placed on administrative leave.
Staff had flagged that Crypto.com was not treating small bettors fairly, that Polymarket lacked adequate fraud protections, and that a Gemini affiliate had not completed required regulatory reviews to operate. Despite those warnings, Acting Chairman Caroline D. Pham and her legal counsel reportedly intervened to facilitate regulatory approvals for the firms.
Donald Trump Jr. serves as an advisor to Polymarket and has investment ties through his venture firm.
Polymarket settled with the CFTC in 2022, paying a $1.4 million penalty and agreeing to restrictions that effectively barred U.S. users. It is now negotiating to lift those restrictions. Gemini Titan, meanwhile, received CFTC approval to operate as a Designated Contract Market on December 10, 2025, after a five-year review, and obtained a Derivatives Clearing Organization license in April 2026.