CFTC's Chicago Office Loses Lawyers Amid Prediction Market Boom

The agency's enforcement division in Chicago has gone from around 20 trial lawyers to just one.

Feb. 9, 2026 at 3:47pm

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The Chicago enforcement division of the Commodity Futures Trading Commission, known for its role in major CFTC enforcement actions over the years, has seen a significant decline in its legal staff. The office has gone from having around 20 trial lawyers to just one, even as prediction markets and cryptocurrency fraud cases have become more prevalent.

Why it matters

The CFTC's Chicago office has historically played a crucial role in regulating commodities and prediction markets, as well as pursuing civil charges against cryptocurrency fraudsters. The sharp decline in legal staff at this key enforcement division raises concerns about the agency's ability to effectively oversee these rapidly evolving financial markets.

The details

The Chicago enforcement division of the CFTC has been a powerhouse, involved in prosecuting self-serving traders on the Chicago Mercantile Exchange in the late 1980s and pursuing civil charges against cryptocurrency fraudsters like Sam Bankman-Fried. However, the office has gone from having around 20 trial lawyers to just one, even as prediction markets and cryptocurrency fraud cases have become more prevalent.

  • The CFTC was established in 1975.

The players

Commodity Futures Trading Commission (CFTC)

The independent agency of the United States government that regulates the commodity futures and options markets.

Sam Bankman-Fried

A former cryptocurrency entrepreneur who was charged with fraud related to his cryptocurrency exchange FTX.

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The takeaway

The significant decline in legal staff at the CFTC's Chicago enforcement division raises concerns about the agency's ability to effectively oversee the rapidly evolving financial markets of prediction markets and cryptocurrency, which have become increasingly important areas of focus for the CFTC.