ICYMI: Key takeaways from the
@nytimes investigation: "How Prediction Markets and Crypto Firms Steamrolled a Watchdog Agency."
💡The NYT found that the CFTC has been captured by the industry it is supposed to regulate. “In the past 16 months of the Trump administration, the commission has shrunk its workforce, purged career officials, sharply curtailed crypto enforcement, and helped out prediction markets at virtually every turn, The Times found.”
đź’ˇTop officials who have departed the agency in recent months have landed jobs within the industries the CFTC regulates, creating the kind of revolving door between industry and regulator that Pres. Trump once vowed to stop.
đź’ˇCFTC officials and career staff who have raised questions about enforcement have been placed on leave, barred from the office, and put under internal investigation. None of them was told what they had done wrong.
Current and former agency staffers said the CFTC's workforce took away a clear message after the suspensions: "Don't cause trouble for those industries."