“This motion runs counter to the CFTC’s established framework for regulating prediction markets,” the spokesperson mentioned in a press release emailed to CoinDesk.
Up to now, the states which have filed such a problem towards the prediction markets have met with counter fits from the CFTC, the place Chairman Mike Selig has taken an aggressive authorized stance defending his company’s authority as the only regulatory energy over occasions contracts, which he says falls instantly into the CFTC’s authority over U.S. derivatives.
And Trump has lately backed him up.
“It’s critically vital that the CFTC’s unique authority over Prediction Markets is maintained, and that they may thrive,” Trump posted on his social media website, Reality Social. “Below my management, we’re setting ‘guidelines of the highway’ which might be the Gold Commonplace for the States.”
He asserted that his state-level political foes (providing names together with Minnesota Governor Tim Walz and Illinois Governor J.B. Pritzker) are “SCUM” who should not be allowed to set the foundations.
“It’s a main Business, and we should shield it,” Trump wrote. “Mike Selig, CFTC Chairman, and revered by all, is doing an excellent job.”
The CFTC has sued eight states — most lately New Mexico — and leapt into different courtroom issues involving the sector.
