The CFTC, since Trump, has become entirely corrupt. Note that the proliferation of sports gambling in prediction markets, which is explicitly illegal, largely exists because the CFTC refuses to enforce their own legal mandate against Kalshi and Polymarket.
It’s actually worse; when states try to shut down sports betting in prediction markets, the CFTC fights on behalf of Kalshi with the reasoning that only the federal government has the mandate to regular futures and prediction markets. And then they refuse to regulate!
The CFTC is supposed to have 5 chairs, with no more than 3 in the same party. The administration has gotten around this rule by simply removing 4 of the commissioners and then refusing to appoint replacements. In effect, the CFTC has only 1 republican chair and no opposite party representation. The level of corruption is staggering.
It’s actually worse; when states try to shut down sports betting in prediction markets, the CFTC fights on behalf of Kalshi with the reasoning that only the federal government has the mandate to regular futures and prediction markets. And then they refuse to regulate!
The CFTC is supposed to have 5 chairs, with no more than 3 in the same party. The administration has gotten around this rule by simply removing 4 of the commissioners and then refusing to appoint replacements. In effect, the CFTC has only 1 republican chair and no opposite party representation. The level of corruption is staggering.