A report says CFTC staff were put on leave after raising questions about online betting markets and their connections to President Donald Trump’s family. The report describes the CFTC as staffed with industry insiders who have allegedly limited oversight efforts by agency staff interested in regulating prediction markets. Officials were reportedly placed on leave for asking about ties to Trump family members or for having experience enforcing cryptocurrency-related regulations. The report also says Brian Quintenz’s nomination was withdrawn after he faced opposition tied to the Winklevoss brothers and their cryptocurrency exchange. The administration is also described as fighting state efforts to regulate prediction markets, with the CFTC claiming it is the only entity that can regulate betting platforms.
"According to the Times, the administration has stacked the Commodity Futures Trading Commission (CFTC) with industry insiders who have systematically "mowed down" staffers at the agency who have expressed interest in providing oversight on prediction markets. Among other things, the report documented how multiple officials at CTFC have been put on leave simply for asking questions about the betting markets' ties to members of President Donald Trump's family or for having past experience enforcing regulations related to cryptocurrencies."
"What's more, the Times found that even being an industry insider isn't enough to guarantee good standing in the agency. Brian Quintenz, who was tapped by Trump to lead CTFC last year, saw his nomination withdrawn after he drew the ire of Cameron and Tyler Winklevoss for refusing to support their cryptocurrency exchange's complaint against the agency."
"Revelations about industry insiders rolling over regulators at CTFC come as the Trump administration is fighting any attempts by states to regulate prediction markets. As explained in a Thursday report from CNBC, the Trump administration is "fighting a multi-front battle to stop the state actions and assert its regulatory authority," with CTFC arguing that it is "the only entity that can regulate" betting platforms."
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