The Commodity Futures Trading Commission (CFTC) has brought cases against more than half a dozen states over their efforts to rein in prediction markets since April, arguing it has exclusive jurisdiction to regulate the sites.
But many Republicans, particularly at the state level, aren’t on board with this approach.
Trump argued Tuesday it is “critically important” for the CFTC to have exclusive authority over prediction markets, declaring his administration is “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!” he continued in a Truth Social post, referring to multiple of his political foes.
It marked a shift from his previous comments. Just a few weeks earlier, the onetime casino magnate suggested “the whole world, unfortunately, has become somewhat of a casino.”
“I was never much in favor of it,” Trump said, when asked about insider trading concerns on prediction markets.
The White House is reviewing a CFTC proposal to regulate prediction markets, though little is known about the potential rules in play. A filing last week with the Office of Management and Budget shows a proposed rule is under review but offers few details about the rule itself.
Read more in a full report at TheHill.com
