President Donald Trump is doubling down on his goal of making the United States the “crypto capital of the world,” while also weighing in on a growing national fight over who should regulate prediction markets.
Trump Says CFTC Rules Will Help Crypto ‘Thrive’The president also framed the issue as part of building what he described as “rules of the road” that set a “Gold Standard for the States.” He said other countries are pursuing this “new form of Financial Market,” and the US must remain competitive.
Trump’s remarks came after an investigation by The New York Times published Sunday that described how the CFTC has played an active role in advancing prediction markets “at virtually every turn.”
States Clamp Down On Prediction MarketsPrediction markets are increasingly on the defensive as states move to restrict them, often arguing they operate like “unlicensed casinos and violate state gaming laws.”
On the other side, a growing group of governors and state attorneys general—drawn from both political parties—contend that event contract betting, particularly when it involves sports, is essentially gambling. They argue it should therefore be regulated at the state level in the same way casinos and lotteries are.
Featured image created with OpenArt; chart from TradingView.com
