President Donald Trump announced support for prediction market companies and urged the federal Commodity Futures Trading Commission to retain exclusive authority so prediction markets can thrive. He argued that other countries are pursuing this financial market form and that the United States should remain the leading “Crypto” capital. Trump criticized state officials who attempted to regulate prediction market platforms, calling them “SCUM” and saying they cannot set the rules. The CFTC has filed lawsuits against state governments, asserting exclusive jurisdiction over prediction markets. Multiple lawsuits have also been filed by others claiming prediction markets function as gambling platforms requiring regulation. Prediction markets have grown rapidly, with billions traded on major platforms in recent months.
"“It is critically important” that the federal Commodity Futures Trading Commission (CFTC) maintain “exclusive authority over Prediction Markets” in order for them to “thrive,” Trump wrote on Truth Social."
"“Other Countries are after this new form of Financial Market, and we want to remain at the top,” he continued, adding that the U.S. is “currently the Crypto [...] Capital of the World” and we “won't let” other countries “replace us in that capacity.”"
"In the same post, Trump lambasted officials in states that have attempted to regulate prediction market platforms as “SCUM” and said that they cannot be “setting the rules” for the industry."
"The CTFC has filed lawsuits against state governments attempting to regulate prediction markets like Polymarket and Kalshi, arguing that the federal agency has “ exclusive jurisdiction ” to regulate these markets. At least 20 lawsuits have been filed against prediction market companies, asserting that they are gambling platforms and should be regulated as such."
Read at Truthout
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