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President Donald Trump has publicly backed the Commodity Futures Trading Commission (CFTC) in maintaining its regulatory authority over prediction markets. In a recent post on Truth Social, Trump praised the CFTC’s role and criticized political opponents who are attempting to hinder the industry’s growth.
“It is critically important that the CFTC’s exclusive authority over Prediction Markets is maintained, and that they will thrive,” Trump wrote. “Under my leadership, we are setting ‘rules of the road’ that are the Gold Standard for the States.” The statement underscores his administration’s commitment to fostering a favorable regulatory environment for prediction markets.
Trump’s endorsement is notable given his son, Donald Trump Jr., serves as an advisor to Kalshi and is an investor in Polymarket, two key players in the prediction market ecosystem. This connection has drawn attention to potential conflicts of interest, particularly as the industry navigates regulatory challenges.
The president also directed criticism toward several political figures opposing prediction markets. He condemned Chris Christie, now with the American Gaming Association (AGA), along with Letitia James, Tim Walz, and J.B. Pritzker, calling them “scum” and arguing that their opposition could put the U.S. at a disadvantage globally.
“We cannot have SCUM like Chris Christie, Letitia James, Tim Walz, and J.B. Pritzker setting the rules! Other countries are after this new form of Financial Market, and we want to remain at the top,” Trump stated. His remarks follow recent state-level actions, including Minnesota’s ban on prediction markets and Illinois’ restrictions on state workers participating in these platforms.
Additionally, Trump emphasized the importance of the U.S. maintaining its leadership in cryptocurrency markets. “Where we are currently the Crypto (Bitcoin, etc.) Capital of the World, other Countries are trying diligently to replace us in that capacity, but we won’t let that happen,” he said. This stance aligns with the CFTC’s oversight of cryptocurrency derivatives, where companies like Coinbase Global and Gemini are active participants in prediction markets.
The industry remains attentive to these political and regulatory dynamics, as they could significantly influence the trajectory of prediction markets in the coming months.
