Marshall Cohen@MarshallCohen
Breaking down President Trump’s most comprehensive comments yet about PREDICTION MARKETS:
—Full-throated endorsement of the view that prediction platforms are “financial markets” (not gambling) and therefore can only be regulated by the @CFTC , not the states. (This is already the Trump administration view. It’s being litigated in the courts.)
—Strong praise for the CFTC chair he appointed, @MichaelSelig. (Who also strongly backs the industry.)
—Attacks Democratic-run states like MN, NY, IL, that are trying to regulate prediction markets. (MN just became the first state to ban prediction markets. CFTC immediately sued to block the law.)
—Also slams @ChrisChristie, a lobbyist for the casino industry, who regularly bashes prediction sites.
(Notably not mentioned: Trump's social media company is getting involved in prediction markets. And Don Jr. is an investor in Polymarket and an adviser to Kalshi.)