Donald Trump · New York · CoinDesk
Trump praises prediction markets, defends CFTC as court cases compound
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U.S. President Donald Trump said it was "critically important" that the CFTC keep "exclusive authority" over prediction markets, echoing CFTC Chair Michael Selig in a post on Truth Social, his social media platform, late Tuesday afternoon.
Key facts
- UPDATE (May 26, 2026, 23:53 UTC): Adds J.B. Pritzker post
- U.S. President Donald Trump said it was "critically important" that the CFTC keep "exclusive authority" over prediction markets, echoing CFTC Chair Michael Selig in a post on Truth Social, his social
- Over the weekend, The New York Times reported that the CFTC, under former Acting Chairman Caroline Pham, sidelined officials at the agency who raised concerns about approving crypto and other
- Other Countries are after this new form of Financial Market, and we want to remain at the top," Trump's post continued
Summary
U.S. "Under my leadership, we are setting 'rules of the road' that are the Gold Standard for the States," he posted. Former New Jersey Governor Chris Christie has defended states' authority to regulate gambling products, which he likened to prediction markets, on various occasions. New York Attorney General Letitia James filed lawsuits similarly alleging that some prediction markets are violating state gambling laws; Illinois, headed by Governor J.B. Pritzker, sent a cease-and-desist; and Minnesota Governor Tim Walz last week signed a law enforcing criminal penalties for operating prediction markets. Pritzker responded in a post on social media platform Bluesky, saying Illinois had taken "action to prevent and ban insider trading with online prediction markets.