Trump Defends Prediction Markets and Bitcoin in Truth Social Post Praising CFTC’s Selig

Trump Backs CFTC Chairman Selig connected Prediction Markets, Warns States to Stand Down

On Truth Social, Trump directed his disapproval astatine 4 officials by name, calling erstwhile New Jersey Gov. Chris Christie, New York Attorney General Letitia James, Minnesota Gov. Tim Walz, and Illinois Gov. JB Pritzker “SCUM” for interfering with prediction markets astatine the authorities level.

“It is critically important that the CFTC’s exclusive authorization implicit Prediction Markets is maintained, and that they volition thrive,” Trump wrote. “Under my leadership, we are mounting ‘rules of the road’ that are the Gold Standard for the States.”

Prediction markets are platforms wherever users commercialized contracts tied to real-world outcomes, from predetermination results to Federal Reserve decisions to sports events. They relation likewise to futures markets and person drawn attraction arsenic accusation tools that tin bespeak assemblage sentiment much rapidly than accepted polling.

The CFTC, which regulates derivatives and futures nether Chairman Michael Selig, has asserted that CFTC-registered prediction market exchanges run nether exclusive national jurisdiction. States cannot classify those platforms arsenic amerciable gambling oregon enforce abstracted licensing requirements, the bureau has argued successful tribunal filings and ongoing rulemaking.

James has filed lawsuits claiming definite prediction markets interruption New York authorities gambling laws. Walz signed authorities this twelvemonth imposing transgression penalties connected operators of immoderate prediction market platforms successful Minnesota. Pritzker issued cease-and-desist orders against platforms operating successful Illinois.

Christie, who has worked successful an advisory capableness with gaming associations, has defended authorities authorization to modulate these products arsenic gambling-like offerings.

Trump framed each 4 arsenic obstacles to national innovation policy. His connection tied prediction market regularisation straight to the CFTC’s Advanced Notice of Proposed Rulemaking issued earlier successful 2026, which seeks to found baseline rules for however prediction contracts are listed, traded, and monitored for fraud oregon manipulation.

Platforms similar Polymarket and Kalshi attracted wide attraction during the 2024 statesmanlike election, erstwhile their declaration prices tracking a Trump triumph moved up of large polling averages. The prediction market idiosyncratic basal has grown sharply since then, with immoderate estimates pointing to idiosyncratic counts quadrupling successful astir 2 years.

Trump connected prediction markets to the broader crypto industry, arguing that some necessitate national extortion from overseas contention and home interference. He wrote:

“Where we are presently the Crypto ( Bitcoin, etc.) Capital of the World, different Countries are trying diligently to regenerate america successful that capacity, but we won’t fto that happen.”

Many prediction platforms transportation nonstop crypto ties. Polymarket operates connected the Polygon blockchain and settles contracts successful USDC. The overlap betwixt prediction market regularisation and crypto argumentation has enactment the CFTC astatine the halfway of 2 of the administration’s highest-profile fiscal innovation priorities.

Trump closed the connection with a idiosyncratic endorsement of Selig. “Mike Selig, CFTC Chairman, and respected by all, is doing a large job. Thank you Mike!” Selig was sworn successful precocious 2025 and has moved aggressively to support national preemption successful authorities tribunal cases portion the committee advances its ceremonial rulemaking process.

The connection carries value beyond governmental signaling. Prediction market operators and crypto firms watching the federal-versus-state regulatory combat present person a nonstop White House declaration that the CFTC’s authorization should clasp and that state-level crackdowns tally against medication policy.

Whether that backing translates into factual ineligible outcomes depends connected pending tribunal cases and the gait of the CFTC’s rulemaking, but Trump made wide Tuesday that the national authorities intends to dainty prediction markets and crypto arsenic industries worthy defending.