Multiple CFTC Officials Questioning Prediction Market Platform Placed on Leave

BlockBeats News, May 24th, several senior officials of the U.S. Commodity Futures Trading Commission (CFTC), who had previously raised concerns about prediction market platforms, were suspended pending investigation and ultimately forced to resign. Reports indicate that these officials had previously expressed regulatory concerns regarding Polymarket, Crypto.com, and a Gemini affiliate, including whether Crypto.com was treating small-scale users fairly, whether Polymarket had sufficient anti-fraud measures, and whether the Gemini affiliate had completed necessary regulatory approvals.

According to sources familiar with the matter, then-acting CFTC Chairman Caroline Pham and her senior advisors intervened to assist the relevant companies in advancing their approval and business demands. The report also noted that the CFTC significantly weakened its enforcement efforts against the cryptocurrency industry during the Trump era. During the Biden administration, the CFTC initiated more than 80 cryptocurrency enforcement actions, while during the Trump era, there were only 2 cases, all targeting individuals rather than large institutions.

Furthermore, Caroline Pham has left the CFTC and joined MoonPay, which has a partnership with Polymarket; and her former senior advisor, Brigitte Weyls, has joined Gemini Titan as the Chief Legal Officer. The White House responded, stating, "President Trump has always prioritized the interests of the American public, and there is no conflict of interest."