Trump Backs CFTC Authority Over Prediction Markets
US President Donald Trump said on Truth Social that the CFTC should retain “exclusive authority” over prediction markets as state regulators step up legal actions. States have sued or issued cease-and-desist orders to platforms including Kalshi, Polymarket, Crypto.com and Robinhood, arguing they operate as unlicensed gambling. The CFTC, led by Chair Mike Selig, says it has exclusive jurisdiction and has sued states including Minnesota, Illinois, New York and Arizona.