President Trump asserts CFTC must retain exclusive authority over prediction markets as states escalate enforcement actions.
U.S. President Donald Trump stated the Commodity Futures Trading Commission should maintain exclusive regulatory authority over prediction markets, calling it critically important. The remarks, posted on Truth Social, align with CFTC Chair Michael Selig’s stance amid rising legal disputes with states.
Several states, including New York, Illinois, and Minnesota, have filed lawsuits or issued cease-and-desist orders against prediction market operators, arguing they violate state gambling laws. The CFTC has countered with lawsuits and amicus briefs, defending its jurisdiction. The legal battle centers on whether prediction markets qualify as commodities under federal law or fall under state gambling regulations.
Trump’s post criticized state officials, including New York Attorney General Letitia James and Illinois Governor J.B. Pritzker, for attempting to regulate the markets. The CFTC currently operates with Selig as its sole commissioner, following a leadership vacuum.