U.S. President Donald Trump pressed Tuesday for federal regulators to keep control over prediction markets, calling it a "critically important" issue as states move to treat the fast-growing sector as gambling under their own laws.
Prediction markets should “thrive” under federal “rules of the road,” Trump said, arguing that other countries are pursuing the market and tying the issue to his broader push to keep crypto activity in the U.S.
“A lot of other countries are doing it, and when the other countries do it, we get left out in the cold if we don’t,” Trump told Decrypt.
Prediction markets in the U.S.Trump’s statements on Wednesday tied the dispute to the CFTC’s current rulemaking work, praising Chairman Mike Selig as “doing a great job.”
We spoke about the Chairman's upbringing, his time at the SEC and now the CFTC, crypto and prediction markets.
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“Prediction markets shouldn't be a partisan issue,” Farokh Sarmad, co-founder and president of prediction market platform Myriad, told Decrypt. “We've already seen this happen with crypto, it set the industry back years and didn't do lawmakers any favors either.”
He said the Trump administration, through CFTC Chair Mike Selig, is “doing great things to build a framework around prediction markets,” adding that, “The last thing we need is a war.”
Disclosure: Myriad is owned by Decrypt’s parent company Dastan.
