Trump: ‘Critically important’ CFTC has exclusive authority over prediction markets
Key takeaways
- It is critically important that the CFTC s exclusive authority over Prediction Markets is maintained, and that they will thrive.
- Lawmakers have said the form of trading is dangerous due to the ability to wager on deaths, election outcomes and military action, including strikes overseas.
- The Trump administration has argued that prediction markets are solely under the purview of the CFTC while some states disagree and allege companies have enacted illegal measures.
Why this matters: political developments that affect policy direction and public trust.
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, Trump wrote in a post on Truth Social.
His comments follow lawsuits filed by the administration against Minnesota, New York, Arizona, Wisconsin, Connecticut and other states for policies that restrict state residents use of prediction markets, which allow people to bet on the outcome of future events.
Lawmakers have said the form of trading is dangerous due to the ability to wager on deaths, election outcomes and military action, including strikes overseas.