- Trump declared that CFTC must maintain exclusive authority over prediction markets.
- CFTC Chairman Selig filed an amicus brief defending federal jurisdiction amid a state-led litigation wave.
- Trump warned that rival nations are actively trying to replace America as the global crypto capital.
President Donald Trump posted on Truth Social about two major issues simultaneously: who controls prediction markets and who leads the world in crypto.
“It is critically important that the CFTC’s exclusive authority over Prediction Markets is maintained,” Trump wrote, before turning his attention to crypto. “Where we are currently the Crypto Capital of the World, other countries are trying diligently to replace us in that capacity, but we won’t let that happen.”
He praised CFTC Chairman Mike Selig. “Mike Selig, CFTC Chairman, and respected by all, is doing a great job. Thank you Mike.”
The State vs Federal Battle
The post comes as CFTC Chairman Selig is fighting what he described as an “onslaught of state-led litigation” against prediction market platforms. Selig announced the CFTC has filed an amicus brief to defend its exclusive jurisdiction over prediction markets, which the agency classifies as derivatives under the Commodity Exchange Act.
“Prediction markets aren’t new. The CFTC has regulated these markets for over two decades,” Selig said. “They provide useful functions for society by allowing everyday Americans to hedge commercial risks and serve as an important check on our news media.”
Trump also named several state officials he accused of trying to set competing rules, including Chris Christie, Letitia James, Tim Walz, and JB Pritzker. His position is that federal CFTC authority must be the gold standard that prevents states from creating a fragmented regulatory environment.
Washington’s Crypto Push
Trump’s message extended beyond prediction markets and into a broader declaration about America’s position in the global crypto race. The statement aligns with the administration’s push to pass the CLARITY Act before July 4 and the executive order directing the Federal Reserve to review crypto firm access to master accounts.
The CFTC established an advisory team in March specifically to oversee the listing and trading of event contracts and to ensure market integrity requirements are met across prediction market platforms.
Related: CFTC Sues Minnesota Over a New State Prediction Market Felony Law
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