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."
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. Selig has also embarked on rulemaking and has said that the agency has a broad statute, despite pushback from states that say platforms are violating local gaming and gambling laws, particularly related to sports-related bets.
Prediction markets, like Polymarket and Kalshi, have surged in popularity in recent years, particularly after the 2024 U.S. presidential election cycle.
Trump also used the post to underscore his support for the cryptocurrency industry, describing it as a "major industry."
"Other Countries are after this new form of Financial Market, and we want to remain at the top," he said. "Likewise, and even more importantly, where we are currently the Crypto (Bitcoin, etc.) Capital of the World, other Countries are trying diligently to replace us in that capacity, but we won’t let that happen."
A New York Times investigative report over the weekend found that career officials who raised concerns about Polymarket, Crypto.com, and other firms that had business ties to the Trump family were pushed out of the agency.
In response to the report, Sen. Richard Blumenthal, D-Conn., wrote on X that "the CFTC has become a craven tool of prediction markets & shady crypto firms—ignoring national security risks while bullying state regulators & retaliating against staff attempting to enforce the law."
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