A New York Times (NYT) investigation has put the spotlight on the Commodity Futures Trading Commission (CFTC) after it alleged the agency gave favorable treatment to several crypto firms linked to the Trump family. The report said senior officials helped remove regulatory hurdles for these companies while staff members who raised concerns were pushed aside.
Polymarket, Crypto.com, and Gemini Titan (a Gemini affiliate) stood at the center of the controversial report. The findings have sparked fresh debate over political influence, crypto oversight, and potential conflicts of interest inside federal regulators.
The investigation, published Sunday, May 24, 2026, cited agency records and interviews with more than 30 current and former officials. According to the report, career staff questioned fraud protections, consumer safeguards, and approval processes tied to several crypto firms.
However, then-acting CFTC Chair Caroline Pham and senior counsel Brigitte Weyls allegedly stepped into multiple reviews. The report also claimed several enforcement officials later faced internal investigations or removal after challenging those decisions.
Trump-linked crypto firms draw regulatory attention
Donald Trump Jr. joined Polymarket’s advisory board after his investment firm 1789 Capital backed the company. Meanwhile, Crypto.com partnered with Trump Media & Technology Group to launch “Truth Predict” through the Truth Social platform.
Gemini also maintained close ties to the Trump orbit through American Bitcoin, a crypto venture backed by Eric Trump and the Winklevoss twins (Gemini founders). Critics questioned whether political relationships influenced regulatory decisions inside the agency. According to the report, Gemini Titan received swift approval after senior counsel Brigitte Weyls allegedly circulated a draft recommendation supporting its application.
The controversy deepened after several senior enforcement officials reportedly faced suspensions or internal investigations. Employees later told the paper they viewed the actions as warnings against challenging crypto-related decisions. Moreover, Caroline Pham later joined MoonPay, a crypto firm which partnered with Polymarket on prediction market products. Weyls also became general counsel at Gemini Titan months after supporting the company’s application process.
Enforcement decline sparks political backlash
The report pointed to a sharp slowdown in crypto enforcement activity under the current administration. According to NYT, in the past 16 months, the CFTC has sharply curtailed its digital-asset enforcement actions. By comparison, the agency pursued more than 80 crypto-related actions during the Biden administration. Consequently, critics questioned whether political pressure weakened the regulator’s enforcement approach.
Meanwhile, Better Markets financial policy director Amanda Fischer described the investigation as “bombshell reporting” in a series of posts on X. She called on Congress and the Inspector General to investigate the agency’s conduct and internal oversight failures. Senator Richard Blumenthal also urged lawmakers to move cautiously on crypto legislation until stronger regulatory safeguards are in place.
Additionally, the controversy has intensified as the Senate continues debating the CLARITY Act, a major crypto market structure proposal. Critics now argue the allegations surrounding the CFTC could complicate bipartisan support for future digital asset legislation and broader crypto reforms.
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