Trump shouts "absolutely critical"! Backs CFTC to take sole control of "prediction market" regulatory authority

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US President Donald Trump posted on the social platform Truth Social on Tuesday, throwing his full support behind his personally appointed Chairman of the US Commodity Futures Trading Commission (CFTC), Michael Selig, backing the regulator's push for absolute jurisdiction over "prediction markets," and stating that this issue is "critically important." In his post, Trump stated: "Ensuring that the CFTC has exclusive jurisdiction over prediction markets and allowing this market to flourish is absolutely critical." Over the past year, Michael Selig has consistently argued that the CFTC holds "exclusive jurisdiction" over the rapidly growing prediction market sector. To defend this authority, he has even gone so far as to file lawsuits against the state governments of Wisconsin, Illinois, Arizona, Connecticut, and New York—five states in total—in an attempt to prevent local governments from cracking down on prediction market platforms under gambling regulations. Michael Selig emphasized that the CFTC holds broad regulatory authority under the law; however, state governments have pushed back forcefully, accusing these prediction platforms (particularly those involving sports betting) of violating local gaming and gambling regulations. In recent years, prediction market platforms represented by Polymarket and Kalshi have risen rapidly, with trading volumes surging especially during the 2024 US presidential election, attracting a large influx of retail investors, institutions, and cryptocurrency investors. In addition to endorsing prediction markets, Trump also reiterated his support for the cryptocurrency industry as a whole, stating that cryptocurrency has become an "important industry," and warning that other countries are actively competing for dominance in digital finance: Other countries are eyeing this new form of financial market, and we must maintain our leading position. Trump emphasized: "More importantly, the United States is now the global cryptocurrency capital, and other countries are doing everything they can to take our place, but we will never let them succeed." Despite the CFTC having the White House's backing, this battle over regulatory authority is shadowed by a political storm. The New York Times reported that the CFTC is facing serious internal personnel turmoil. It is alleged that some career civil servants who raised concerns about Polymarket, the well-known cryptocurrency exchange Crypto.com, and other companies with business ties to the Trump family have been sidelined or even forced out. In response to this investigative report, Democratic Connecticut Senator Richard Blumenthal immediately fired back on the social platform X, sharply criticizing the CFTC for having degenerated into a "despicable tool for prediction markets and dubious cryptocurrency companies," not only ignoring national security risks and bullying state regulators, but even retaliating against internal employees who attempt to enforce the law.

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