President Trump Posts On Truth Social That CFTC Must Oversee Prediction Markets – Crowdfund Insider
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President Donald Trump has posted on Truth Social that the Commodity Futures Trading Commission (CFTC) must maintain federal authority over prediction markets.
In recent months, multiple states have challenged federal authority over platforms like Polymarket and Kalshi, arguing that federal oversight encroaches on state jurisdiction. The CFTC has gone so far as to file lawsuits defending its oversight.
The gist of the issue is that for prediction markets to develop and evolve, a single regulatory framework is vital, rather than 50 (or more) individual state regulatory controls. In brief, regulatory fragmentation can kill innovation.
Pending legislation regarding crypto market infrastructure, the CLARITY Act, will provide a framework for digital asset regulation, including which agencies will have oversight of various activities.
President Trump stated on the social media platform:
“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! Other Countries are after this new form of Financial Market, and we want to remain at the top. 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. It is a major Industry, and we must protect it. Mike Selig, CFTC
Chairman, and respected by all, is doing a great job. Thank you Mike! President
DONALD J. TRUMP”
In recent days, NYTimes.com filed a story that claimed the CFTC has seen its ability to oversee prediction markets and crypto platforms as weakened. The article declares the agency has been “Steamrolled”.
The Trump administration has taken a decidedly supportive posture toward Fintech innovation, including prediction markets and digital assets, which contrasts with the Biden administration, in which innovation was effectively bad, with regulation-by-enforcement becoming the norm.
Crowdfund Insider is the leading news website covering the emerging global industry of disruptive finance including investment crowdfunding, Blockchain, online lending, and other forms of Fintech.
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