WASHINGTON, D.C. May 26, 2026 – President Donald J. Trump issued a strong statement on Tuesday defending the Commodity Futures Trading Commission’s (CFTC) sole authority over prediction markets, positioning the industry as vital to U.S. leadership in crypto and innovative financial markets.
In the statement shared by the White House Rapid Response account on X, Trump emphasized that maintaining the CFTC’s exclusive jurisdiction is “critically important” for prediction markets like Polymarket and Kalshi to thrive. He praised CFTC Chairman Mike Selig for setting a “Gold Standard” regulatory framework that states should follow.
“It is critically important that the CFTC’s exclusive authority over Prediction Markets is maintained, and that they will thrive. Under my leadership, we are setting ‘rules of the road’ that are the Gold Standard for the States. We cannot have SCUM like Chris Christie, Letitia James, Tim Walz, and JB Pritzker setting the rules!” Trump wrote.
Trump highlighted international competition, warning that other countries are seeking to challenge U.S. dominance in this emerging sector. He also tied the issue to broader crypto policy, reaffirming the U.S. as the “Crypto Capital of the World” and vowing to protect the industry from foreign rivals.
The statement comes amid ongoing legal battles. The CFTC, under Chairman Selig, has sued several states attempting to restrict or ban prediction markets, arguing federal preemption. Recent examples include challenges to Minnesota’s ban signed by Gov. Tim Walz and actions against other states.
Prediction markets allow users to bet on real-world events, from elections to sports outcomes and policy decisions. Proponents, including the Trump administration, view them as information-aggregating tools rather than pure gambling. Critics, however, raise concerns about their resemblance to sports betting and potential conflicts of interest.
Family Ties Draw Scrutiny
The president’s son, Donald Trump Jr., serves as a strategic advisor to Kalshi and has investment ties to Polymarket through his venture capital activities. These connections have fueled accusations of potential conflicts as the administration backs CFTC-led regulation favorable to the platforms.
Some replies to the White House post and media coverage have highlighted these links, with critics alleging the policy protects family business interests. The administration has not directly addressed the claims in the statement.
Chairman Selig, a Trump appointee with prior experience representing crypto and prediction market firms, has aggressively defended the CFTC’s role, including through public statements and litigation.
This latest endorsement underscores the Trump administration’s pro-crypto and pro-innovation stance, aiming to solidify America’s position in global financial technology while clashing with state regulators and political opponents.
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