Trump Supports CFTC's Control Over Prediction Markets

The CFTC has been working on creating a framework for prediction markets, which allow users to wager on outcomes across various categories, including traditional and cryptocurrency markets.

The commission's Chairman Mike Selig has called for exchanges to register in the US under clear rules for fair markets, investor protections, and consumer safeguards. However, this effort has faced opposition from lawmakers who have raised concerns about issues such as insider trading and offshore platforms that may still reach US users.

In a recent statement, Trump expressed his support for the CFTC's efforts, praising Chairman Selig for 'doing a great job' in building a framework around prediction markets. He also emphasized the importance of maintaining federal control over these emerging financial markets to prevent them from being regulated by state officials he deemed as 'scum'.