Warren Probes 1-Member CFTC Over Bias Claims Benefiting Crypto and Prediction Markets
Updated
Updated · Reuters · Jun 5
Warren Probes 1-Member CFTC Over Bias Claims Benefiting Crypto and Prediction Markets
1 articles · Updated · Reuters · Jun 5
Summary
Elizabeth Warren pressed CFTC Chairman Michael Selig in a Friday letter over reports that agency leadership favored crypto and prediction-market firms tied to Trump allies and punished staff who resisted.
The scrutiny follows New York Times reporting on outside interference at the regulator, where Selig has been the sole sitting commissioner of the five-member agency since taking office in December.
Under Trump, the CFTC has dropped enforcement actions involving both sectors and is drafting more industry-friendly rules, even as congressional concern over prediction markets grows amid insider-trading worries.
CFTC staffing has fallen to its lowest level since the 2008 financial crisis, and enforcement activity has also declined, feeding Warren's claim that the agency is yielding to political pressure and wealthy insiders.