The president said the Commodity Futures Trading Commission should continue to have “exclusive authority” over prediction markets, as he attacked state leaders who seek to restrict the use of the online markets that can hinge on insider information.
“Under my leadership, we are setting ‘rules of the road’ that are the Gold Standard for the States,” Trump posted on social media. “We cannot have SCUM like Chris Christie, Letitia James, Tim Walz, and JB Pritzker setting the rules!”
Trump’s son, Donald Trump Jr., has invested in the prediction market Polymarket through his venture capital firm and he has been a strategic adviser for another market, Kalshi.
The CFTC currently regulates prediction markets, and that federal oversight enables them to operate in all 50 states, even those where gambling is illegal.
“It is a major Industry, and we must protect it,” Trump said in his post.