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On Tuesday, President Donald Trump announced his support for prediction market companies, calling for continued federal control while lambasting state regulators.

“It is critically important” that the federal Commodity Futures Trading Commission (CFTC) maintain “exclusive authority over Prediction Markets” in order for them to “thrive,” Trump wrote on Truth Social.

“Other Countries are after this new form of Financial Market, and we want to remain at the top,” he continued, adding that the U.S. is “currently the Crypto […] Capital of the World” and we “won’t let” other countries “replace us in that capacity.”

In the same post, Trump lambasted officials in states that have attempted to regulate prediction market platforms as “SCUM” and said that they cannot be “setting the rules” for the industry.

The CTFC has filed lawsuits against state governments attempting to regulate prediction markets like Polymarket and Kalshi, arguing that the federal agency has “exclusive jurisdiction” to regulate these markets.

Calls for Regulation Grow as Polymarket Bets on Iran War Top $529 Million

At least 20 lawsuits have been filed against prediction market companies, asserting that they are gambling platforms and should be regulated as such. Prediction markets have exploded over........

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