Polymarket · Donald Trump · New York · The Block
‘Critically important’: President Trump backs CFTC Chair Selig’s push to expand prediction market authority
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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 " critically important.
Key facts
- Prediction markets, like Polymarket and Kalshi, have surged in popularity in recent years, particularly after the 2024 U.S. presidential election cycle
- Other Countries are after this new form of Financial Market, and we want to remain at the top," he said
- 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
- 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 " critically important
Summary
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. "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. 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. Prediction markets, like Polymarket and Kalshi, have surged in popularity in recent years, particularly after the 2024 U.S. presidential election cycle.