From NPR · · 2m
Crypto regulator shrinks as markets expand
CFTC staff cuts and enforcement drops as crypto and prediction markets grow.
In brief
CFTC staff cuts and enforcement drops as crypto and prediction markets grow. The CFTC has 21% fewer staff and nearly 80% fewer enforcement actions since Trump took office, weakening oversight of crypto and prediction markets. Originally reported by NPR.
CFTC staff cuts
The CFTC has 21% fewer staff on its payroll compared to the previous 10-year average, according to U.S. Office of Personnel Management data.
Enforcement actions drop
The CFTC made nearly 80% fewer enforcement actions in 2025 compared to the annual average for the previous decade, according to agency reports.
Trump-era staff reductions
Trump-era staff reductions have significantly hampered enforcement at the CFTC and its ability to regulate crypto and prediction markets where hundreds of billions are traded weekly.
CFTC enforcement lawyer
Jeff Le Riche, a former CFTC enforcement lawyer, said the Trump administration's crypto-friendly platform led to staff cuts and reduced enforcement actions.
CFTC enforcement cases
The CFTC under Biden leveled enforcement cases against crypto firms like Gemini, Mirror Trading, Voyager, Celsius, and FTX for fraud, including Polymarket.
CFTC staff cuts impact
After Trump took office, the CFTC rolled back enforcement actions against crypto firms and dismissed other cases like a foreign exchange fraud against WorldWideMarkets Inc.
CFTC enforcement weakened
Former CFTC lawyer Joe Konizeski said enforcement was 'castrated' and crypto cases were closed, leading to more fraud in prediction markets.
CFTC chair Michael Selig
CFTC chair Michael Selig celebrated the agency's slowdown in enforcement actions during a White House event with crypto industry leaders.
Selig's crypto focus
Selig argued the U.S. needs to 'dominate' crypto and prediction markets and 'write the rules that define the next generation of financial markets.'
CFTC staffing challenges
The CFTC is 16% below its decade-average workforce and has 100 staffers short, struggling to execute Trump's 2025 crypto executive order.
CFTC rulemaking
The CFTC has greenlit six prediction markets in 2025 and authorized another six this year with 18 applications pending.
CFTC rulemaking without Congress
After the Senate failed to advance a major crypto regulation bill, the CFTC announced it will make its own rules without congressional input.
GAO investigation
The Government Accountability Office is investigating the CFTC's workforce reduction, with a probe to start in December.
CFTC staffing outlook
The CFTC plans to hire roughly 100 employees in mission critical areas by the end of 2026 to address staffing gaps.
At a glance
The CFTC has 21% fewer staff and nearly 80% fewer enforcement actions since Trump took office, weakening oversight of crypto and prediction markets.
