White House eyes CFTC proposal for regulating prediction markets
The White House is considering a proposal from the Commodity Futures Trading Commission (CFTC) to regulate prediction markets exclusively. President Trump emphasized the importance of maintaining this authority in a recent social media post, criticizing state-level regulations. The discussion comes amid legal challenges and opposition from various state officials regarding the legality of prediction markets, particularly in the context of sports betting.
- ▪The CFTC claims it has exclusive authority to regulate prediction markets, countering state efforts to impose their own regulations.
- ▪President Trump expressed support for the CFTC's authority, stating that it is crucial for the growth of prediction markets.
- ▪Several state officials, including Chris Christie and Letitia James, have opposed prediction markets, citing legal concerns and regulatory authority.
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The agency has argued in public statements and in courts that it has exclusive authority to regulate the growing prediction market sector, rather than individual states, some of which are seeking to exercise such authority.Tuesday's filing came on the same day that President Donald Trump, in a social media post, said, "It is critically important that the CFTC's exclusive authority over Prediction Markets is maintained, and that they will thrive.""Under my leadership, we are setting 'rules of the road' that are the Gold Standard for the States. We cannot have SCUM like Chris Christie, Letitia James, Tim Walz, and JB Pritzker setting the rules!" Trump wrote. "Other Countries are after this new form of Financial Market, and we want to remain at the top," he wrote.
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