NYT Investigation: CFTC Staff Sidelined for Questioning Trump-Tied Crypto Firms Polymarket, Kalshi

According to The New York Times investigation published on May 24, 2026, senior staff at the U.S. Commodity Futures Trading Commission were sidelined, suspended, or pushed out after raising concerns about crypto and prediction market firms linked to allies of President Donald Trump, including Polymarket, Kalshi, and Gemini.

The investigation claims that Caroline D. Pham, then acting CFTC chairman, and her senior counsel intervened to help the firms receive favorable regulatory treatment. Some enforcement staff were reportedly reassigned or suspended, internal investigations stalled, and concerns about election-related prediction markets were deprioritized, raising questions about whether political pressure is shaping enforcement decisions inside financial agencies.