<p class="p1"><span class="s1">President Donald Trump is publicly backing his Commodity Futures Trading Commission Chair Michael Selig in his push to have authority over prediction markets, calling the issue "</span><span class="s2">critically important."</span></p>
<p class="p3"><span class="s3">On Tuesday, in a post on Truth Social, Trump voiced support for Selig, who he tapped to lead and is the sole leader at the derivatives regulator.</span></p>
<p class="p3"><span class="s3">"It is critically important that the CFTC’s exclusive authority over Prediction Markets is maintained, and that they will thrive," Trump said in the post.</span></p>
<p class="p4"><span class="s2">Over the past year, Selig has argued that the agency has "exclusive jurisdiction" over the burgeoning prediction markets, suing five states in the process, including Wisconsin, Illinois, Arizona, Connecticut, and New York. </span><span class="s4">Selig has also embarked on rulemaking and has said that the agency has a broad statute, despite pushback from states that say platforms are violating local gaming and gambling laws, particularly related to sports-related bets.</span></p>
<p class="p4"><span class="s2">Prediction markets, like Polymarket and Kalshi, have </span><span class="s4">surged in popularity in recent years, particularly after the 2024 U.S. presidential election cycle.</span></p>
