Senior officials at the Commodity Futures Trading Commission who flagged regulatory concerns about three major crypto-linked firms were suspended, investigated, and eventually forced out of the agency. The firms in question, Polymarket, Crypto.com, and a Gemini affiliate, each have alleged business ties to the Trump family.

The revelations come from a New York Times investigation published Sunday, painting a picture of a regulatory agency where career staff who did their jobs found themselves on the wrong end of internal inquiries. By Christmas 2025, the officials had been placed on administrative leave.

What the officials flagged

On Crypto.com, staff worried the platform was not treating small bettors fairly. For Polymarket, the concern centered on inadequate fraud protections. And for a Gemini affiliate, the issue was more fundamental: the entity allegedly had not completed the required regulatory review to operate.

According to the investigation, Acting CFTC Chairman Caroline D. Pham and her legal counsel reportedly intervened on behalf of the firms, facilitating their regulatory approvals despite the warnings from career staff.

Donald Trump Jr. serves as an advisor to Polymarket and has investment ties through his venture firm.

Polymarket’s regulatory history

Polymarket settled with the CFTC in 2022, paying a $1.4 million penalty and agreeing to restrictions that effectively barred US users from the platform. Now, Polymarket is negotiating with the CFTC to lift those very restrictions and reopen to American traders.

Meanwhile, Gemini Titan received CFTC approval to operate as a Designated Contract Market on December 10, 2025, after a five-year review process. The affiliate subsequently obtained a Derivatives Clearing Organization license in April 2026. Those approvals came despite the concerns raised by career staff about whether the entity had properly completed its regulatory review.