Trump urges federal control over prediction markets, crypto

Trump urges exclusive CFTC oversight of prediction markets, opposes state regulation, and stresses U.S. leadership in crypto amid federal-state disputes.

Donald Trump has called for the Commodity Futures Trading Commission (CFTC) to maintain exclusive authority over prediction markets, stressing the importance of federal oversight as disputes grow between federal regulators and several states. He argued that his administration is setting a 'gold standard' for states, insisting that states should not create separate regulations for prediction markets. Trump criticized state officials who oppose federal control and emphasized the need for the U.S. to maintain its leadership in both prediction markets and the cryptocurrency sector. He warned that other countries are actively competing for dominance in these areas. The ongoing debate focuses on whether prediction markets should be regulated as financial instruments under federal law or as gambling products under state law, with platforms like Kalshi and Polymarket at the center of the controversy. Trump reaffirmed his commitment to keeping the U.S. as the "crypto capital of the world" and called for robust protection of the cryptocurrency industry.