Trump backs CFTC's exclusive grip on prediction markets!

President Donald Trump publicly backed the CFTC's claim to exclusive federal jurisdiction over prediction markets Tuesday, calling it "critically important" and warning that states like New York, Illinois, and Minnesota were overstepping. Trump singled out New York AG Letitia James, former NJ Governor Chris Christie, Illinois Governor J.B. Pritzker, and Minnesota Governor Tim Walz by name, framing the federal-versus-state battle as a fight over who sets the "Gold Standard" rules for a new financial market.

The legal conflict is escalating fast. The CFTC — currently operating with sole commissioner Michael Selig — has filed lawsuits and amicus briefs defending its jurisdiction, while multiple states have moved to classify prediction market contracts as gambling products subject to state gaming law.