Sen. Elizabeth Warren (D-Mass.) accused President Donald Trump on Wednesday of reducing enforcement on cryptocurrency and prediction markets to benefit firms linked to his family.
Warren Wants Better Laws To Address Trump’s ‘Corruption’
In an X post, Warren said that Trump is “gutting” the Commodity Futures Trading Commission so that his family and friends can “enrich” themselves.
“We need crypto legislation that stops this corruption and protects Americans from getting scammed,” the senior Democratic lawmaker said.
Warren has been one of the fiercest critics of Trump family-linked cryptocurrency businesses, including the Official Trump (CRYPTO: TRUMP) and the World Liberty Financial platform.
She has also vigorously opposed the cryptocurrency legislation, citing its failure to tackle conflicts of interest arising from Trump and his family's involvement in cryptocurrency ventures.
Has CFTC Been Gutted?
Warren's criticism stemmed from a New York Times report—based on interviews with people familiar with the matter—that senior CFTC staff who raised concerns about fraud and fairness in cryptocurrency and prediction markets were “purged.”
The report also claimed that current Chair Mike Selig and former acting Chair Caroline D. Pham “intervened to help the firms get what they wanted.”
The White House didn’t immediately return Benzinga’s request for comment. A response from the CFTC is also awaited.
Trump Backs CFTC Chair
Notably, Trump strongly endorsed CFTC’s exclusive authority over prediction markets earlier this week, while also praising Selig as someone “respected” by all who is doing a “great job.”
Trump said that his administration is setting “rules of the road” that states should follow as a “gold standard.”
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