President Donald Trump threw his support behind the federal agency overseeing prediction markets on Tuesday, amid a growing battle between Washington and the states over who should regulate the rapidly expanding industry.Trump backed the authority of the Commodity Futures Trading Commission, the federal agency responsible for overseeing derivatives and financial markets, arguing that prediction markets should remain under federal jurisdiction.“It is critically important that the CFTC’s exclusive authority over Prediction Markets is maintained, and that they will thrive,” Trump posted on Truth Social Tuesday evening. “Under my leadership, we are setting ‘rules of the road’ that are the Gold Standard for the States.”
The president’s comments come as the CFTC is engaged in multiple legal fights with states seeking to impose their own restrictions on prediction market platforms, which allow users to wager on outcomes ranging from weather patterns to elections and geopolitical events.
Trump singled out several Democratic officials pushing for tighter state oversight.
“We cannot have SCUM like Chris Christie, Letitia James, Tim Walz, and JB Pritzker setting the rules,” he said.
The latest clash emerged in Minnesota after Gov. Tim Walz (D-MN) signed legislation to ban prediction markets in the state, prompting legal action from federal regulators and industry advocates.
