The Commodity Futures Trading Commission (CFTC) has received a clear mandate to continue its push for exclusive jurisdiction over prediction markets.
U.S. President Donald Trump declared on Truth Social that it's "critically important that the CFTC's exclusive authority over prediction markets is maintained."
Key Takeaways
- Trump vows to protect the interests of prediction markets and the crypto industry.
- State governor responds, accusing the President of wanting to ensure his "family and administration can keep profiting."
- Donald Trump Jr. is an advisor to both Kalshi and Polymarket.
In his Tuesday evening social media post, Trump supported the work of CFTC chairman Michael Selig and stated that "other countries are after this new form of financial market, and we want to remain at the top."
— Rapid Response 47 (@RapidResponse47) May 26, 2026
Trump's declaration comes as there is pending prediction market litigation in various states. Most recently in prediction market news, Minnesota Gov. Tim Walz signed a sweeping prediction market ban in the state last week, but it was met 24 hours later with a lawsuit from the CFTC to block the state law.
That's just the latest example of the state-by-state battle that has been waged over prediction markets.
Enjoying Covers content? Add us as a preferred source on your Google account
State response
Trump specifically referred to the states of New York, Minnesota, and Illinois when he declared "we cannot have SCUM like (former New Jersey Gov.) Chris Christie, (New York Attorney General) Letitia James, Tim Walz, and (Illinois Gov.) JB Pritzker setting the rules."
Christie has been a vocal critic of prediction markets, calling them "illegal." James sued prediction market platforms Coinbase and Gemini in April. That same month, the CFTC sued Illinois – and other states – over cease-and-desist orders filed against prediction market platforms.
Pritzker also issued an executive order prohibiting insider trading by state employees using prediction market platforms.
The Illinois governor issued a rebuke to Trump later Tuesday evening.
Illinois took action to prevent and ban insider trading with online prediction markets in our state.
— Governor JB Pritzker (@GovPritzker) May 26, 2026
The most corrupt President in our nation’s history wants to make sure states like ours can’t regulate prediction markets so his family and administration can keep profiting. pic.twitter.com/JZyS3aqNfA
The President's son
Pritzker referred to Trump's family in his response. Of particular note, Donald Trump Jr. is an advisor to both Kalshi and Polymarket.
In fact, venture capital firm 1789 Capital, at which Trump Jr. is a partner, made a “strategic investment” in Polymarket in August.
