US CFTC Chicago office effectively dismantled, outlet reports

The U.S. Commodity Futures Trading Commission's (CFTC) Chicago office has been effectively dismantled following the resignation of its last remaining lawyer, Decrypt reported. The outlet noted that while the CFTC is known as a top enforcement body among regulators, its presence has virtually disappeared. The Chicago office, once dubbed the "top enforcement team" with 20 lawyers, handled the agency's most critical and complex cases but is now being disbanded after large-scale staff reductions. Despite this, the Trump administration is seeking to task the CFTC with regulatory oversight of cryptocurrencies and prediction markets. A former CFTC lawyer laid off during the cuts pointed out that the situation creates an opening for fraud, as the agency currently lacks the staff to enforce regulations.