Elizabeth Warren Demands Answers on CFTC's Crypto and Prediction Market Oversight
Summary
Elizabeth Warren questioned whether the CFTC can fairly regulate prediction markets and crypto amid what she called unprecedented presidential corruption. She cited reports that the agency has weakened enforcement, cut staff by about 25%, and favored firms tied to Trump or Trump allies, including Polymarket, Gemini, and Crypto.com. Warren argued these actions suggest the CFTC may be captured by industry and unfit to oversee a potentially much larger crypto market, especially as Congress considers the Clarity Act, which would expand CFTC authority. She asked Chairman Michael Selig for staff departure records, documents behind no-action letters for Polymarket and Gemini, and communications with prediction market firms by June 18.
