Trump praises prediction markets, defends CFTC as court cases compound
Trump says the Commodity Futures Trading Commission should keep exclusive authority as states argue prediction-market contracts are gambling and courts weigh jurisdiction.
- On Tuesday, President Donald Trump stressed the importance of the CFTC maintaining exclusive authority over prediction markets, vowing to protect the cryptocurrency industry and declaring it 'critically important' that the CFTC's authority 'will thrive'.
- Trump's backing followed a New York Times investigation Sunday revealing the CFTC under former Acting Chairman Caroline Pham sidelined career officials who raised concerns about approving crypto companies with ties to Trump's family businesses.
- Trump declared the U.S. must remain the 'Crypto Capital of the World' under his leadership, setting federal 'rules of the road,' while his eldest son Donald Trump Jr. serves as an adviser to major prediction market platforms Kalshi and Polymarket.
- Minnesota Governor Tim Walz signed a prediction market ban last week, prompting the Trump administration to sue; New York Attorney General Letitia James sued Coinbase and Gemini alleging gambling violations, while Trump called these officials 'SCUM' for attempting to set their own rules.
- Court cases have reached the federal appellate level and the Supreme Court will likely decide the dispute, as states contend prediction markets are gambling requiring state oversight while Trump and the CFTC argue they are federally regulated financial instruments; Indonesia, Spain and India have recently banned the platforms.
14 Articles
14 Articles
Trump Says He's Setting The 'Rules Of The Road' When It Comes To Prediction Markets, Backs Exclusive CFTC
President Donald Trump backed the Commodity Futures Trading Commission’s exclusive authority over prediction markets on Tuesday, while also declaring the U.S. as the world’s Bitcoin (CRYPTO: BTC) capital. Trump Says States Must Follow ‘Rules Of The Road’ Trump said via his Truth Social that prediction platforms will “thrive” under the CFTC’s exclusive jurisdiction and that states should be prohibited from creating separate rules for this industr…
Washington, May 26 (EFE).- U.S. President Donald Trump said this Tuesday that it must be the federal government, not the states, that regulates the predictive markets and charged several governors who are trying to approve more restrictive frameworks for these controversial platforms. "It is vitally important that the exclusive authority of the CFTC (the U.S. Commission for the Negotiation of the Futures of Commodities) be maintained over the Pr…
Trump attacks 'scum' lawmakers trying to regulate prediction markets tied to his family
President Donald Trump lashed out at a handful of lawmakers whom he described as "scum" on Tuesday over their efforts to take the lead on regulating prediction markets. In a new Truth Social post, Trump called out Chris Christie, the former Republican governor of New Jersey, New York Attorney Genera...
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