Ranking Member Elizabeth Warren of the U.S. Senate Committee on Banking, Housing and Urban Affairs has sent a letter to Commodity Futures Trading Commission Chairman Michael Selig questioning whether the agency can effectively oversee prediction markets and parts of the cryptocurrency market and protect investors. The letter cites recent reporting on workforce cuts, reduced enforcement activity and possible Trump Administration interference in CFTC decision making, and argues that those developments weaken market oversight. Warren notes that the CFTC asserts exclusive jurisdiction over prediction markets and regulates some cryptocurrency activity, while prediction markets are expanding and Congress is considering legislation that could loosen crypto safeguards. Citing recent reporting, she says the CFTC cut its workforce by about 25 percent over the past 16 months, sidelined career officials and sharply reduced crypto enforcement. She also points to alleged conflicts involving President Trump and his family, including the CFTC's approval of a request from Polymarket after an investment by Donald Trump Jr's investment firm and Selig's move to ask a judge to vacate a USD 5 million penalty against a cryptocurrency exchange founded by Tyler and Cameron Winklevoss, who each donated USD 1 million in bitcoin to Trump's reelection campaign. The letter asks Selig to provide information by June 18, 2026, including records of communications between the CFTC and prediction market firms and a list of staff placed on leave after overseeing prediction market and cryptocurrency companies.
U.S. Senate Committee on Banking, Housing and Urban Affairs2026-06-08
US Senate Committee on Banking, Housing and Urban Affairs ranking member Warren questions CFTC oversight of prediction markets and crypto after reported staff and enforcement cuts
Ranking Member Elizabeth Warren of the Senate Banking Committee has written to Commodity Futures Trading Commission Chairman Michael Selig questioning the agency’s capacity to oversee prediction markets and cryptocurrency and protect investors. She cites workforce cuts, reduced crypto enforcement and alleged political interference, including CFTC actions involving Polymarket and a cryptocurrency exchange linked to donors to President Trump’s reelection campaign. The letter requests information on CFTC communications with prediction market firms and on staff placed on leave after overseeing these companies.