No. of Recommendations: 7
qz.com - Trump admin cftc state regulation crackdownschiff.senate.gov - News sen schiff cortez masto senate democrats demand cftc chair reverse on greenlighting prediction marketsnytimes.com - Donald trump jr prediction marketstheguardian.com - Prediction markets polymarket kalshi online gamblingToday Trump’s chair of the Commodity Futures Trading Commission, Michael Selig, announced he will try to block states from regulating prediction markets, saying they “provide useful functions for society by allowing everyday Americans to hedge commercial risks like increases in temperature and energy price spikes.”
Republicans insist that prediction markets are more like stock trading than like betting, but a group of over 20 Democratic senators warned last week in a letter to Selig that prediction market platforms, where hundreds of millions of dollars are wagered every week, “are offering contracts that mirror sportsbook wagers and, in some cases, contracts tied to war and armed conflict.” They added that the platforms “evade state and tribal consumer protections, generate no public revenue, and undermine sovereign regulatory regimes,” and urged Selig to support regulations Congress has already put into law.
Prediction markets also cover the actions of President Trump, whose son Don Jr. is both an advisor to and an investor in Polymarket and a paid advisor to Kalshi. Polymarket and Kalshi are the two biggest prediction markets, and both are less regulated than betting sites. The Trump family has announced it is starting its own “Truth Predict.”
Jeff
