NYT Says CFTC Clashed Internally Over Reviews of Trump-Linked Crypto Firms

The US Commodity Futures Trading Commission faced internal conflict during its regulatory review of crypto prediction-market companies linked to the Trump family, according to a report.

The Block reported on May 24 that The New York Times, citing current and former CFTC officials and internal documents, said the agency had faced pressure and internal disputes over approval proceedings for certain companies over the past year.

The companies at the center of the dispute were Polymarket, Crypto.com and Gemini Titan. They were seeking CFTC approval to expand their prediction-market businesses.

The New York Times reported that Polymarket received funding from 1789 Capital, a venture-capital firm involving Donald Trump Jr. Crypto.com was pursuing a prediction-market platform partnership with Trump Media & Technology Group. Gemini co-founders Cameron and Tyler Winklevoss are backing American Bitcoin, a Bitcoin company co-founded by Eric Trump.

Some CFTC staff raised concerns about Polymarket's anti-fraud controls, investor-protection issues at Crypto.com and deficiencies in the review process for Gemini Titan. The agency's leadership, however, moved to advance the approval process, the Times reported.

The report also said some employees who raised those issues were subjected to internal investigations or removed from their duties. The specific reasons were not disclosed.

The White House denied the allegations. White House spokesman Davis Ingle told the Times that President Donald Trump "has always acted in the interest of the American people and has no conflicts of interest."