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GOP war over prediction markets

Utah governor blasts Trump admin on prediction markets

Utah Gov. Spencer Cox (R) ripped a top Trump administration regulator Tuesday over its push to defeat state efforts to regulate prediction markets.

In a Tuesday post on social media, Cox criticized the Commodity Futures Trading Commission’s (CFTC) plans to fight against state laws and litigation meant to impose rules on prediction markets.

“These prediction markets you are breathlessly defending are gambling—pure and simple. They are destroying the lives of families and countless Americans, especially young men. They have no place in Utah,” Cox said.

CFTC Chair Mike Selig announced Tuesday the agency would challenge any state’s attempt to regulate prediction markets, a job he said belonged only to federal watchdogs.

“The CFTC is taking an important step to ensure that these markets have a place here in America and have the integrity and resilience and vibrancy that our derivatives markets deserve,” Selig said in a video posted on the social platform X.

“To those who seek to challenge our authority in this space, let me be clear: We will see you in court,” he continued.

Utah’s state constitution bans gambling of any kind, preventing residents from using one of the myriad online betting platforms that have skyrocketed in popularity.

But prediction markets, which allow participants to bet on the outcome of certain events, have created a workaround for Utahns eager to gamble.

Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.

Did someone forward you this newsletter? Subscribe here.

Key business and economic news with implications this week and beyond:

Average tax refund up nearly 11 percent so far this filing season

The average tax refund is up 10.9% compared with the same period a year ago, according to early filing data from the IRS.

Supreme Court unveils tool to help justices identify conflicts of interest

The Supreme Court announced a new software on Tuesday to help the justices identify when they should recuse from a case, the court’s latest effort to respond to mounting ethics scrutiny.

Hyatt Hotels chair steps down over Epstein association

Tom Pritzker resigned as executive chair of the Hyatt Hotels Corporation on Monday, citing his association with the convicted sex offender Jeffrey Epstein as reason for the departure. 

Join Sen. Patty Murray (D-Wash.), Rep. Ashley Hinson (R-Iowa) and top strategists on March 4 to spotlight the women driving the 119th Congress. From AI to the economy, meet the women navigating the new political map. Register here.

Business and economic news we’ve flagged from other outlets:

Meta expands Nvidia deal to use millions of AI chips in data center build-out (CNBC)

Warner Reopens Talks With Paramount After Sweetened Offer (MarketWatch)

Opinions related to business and economic issues submitted to The Hill:

Trump’s new framework will help curb welfare fraud in the states

Want ‘affordability?’ Start by retooling your state’s regressive tax system.

You’re all caught up. See you tomorrow! 

Copyright 2026 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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