Trump Supports CFTC's Exclusive Jurisdiction Over Prediction Markets

Odaily Planet Daily reports: President Trump posted on Truth Social that it is crucial for the U.S. Commodity Futures Trading Commission (CFTC) to maintain "exclusive jurisdiction" over prediction markets, echoing the position of CFTC Chair Michael Selig. Trump also stated that the U.S. is currently developing relevant regulations and referenced his campaign pledge to make America the center for cryptocurrency and Bitcoin-related activities. Under the leadership of its sole commissioner, Selig, the CFTC has filed lawsuits and submitted amicus briefs against multiple states to defend its jurisdiction over prediction markets. The dispute centers on whether contracts related to sports and entertainment qualify as prediction products and whether contracts offered by regulated Designated Contract Markets (DCMs) should fall under CFTC oversight. New York Attorney General Letitia James has initiated legal action, Illinois has issued a cease-and-desist order, and Minnesota Governor Tim Walz signed a law last week imposing criminal penalties on operators of prediction markets. Indonesia, Spain, and India have recently banned the operation of prediction markets within their borders, and a U.S. House committee confirmed last week that it is investigating prediction markets. (CoinDesk)