“This action runs counter to the CFTC’s established framework for regulating prediction markets,” the spokesperson mentioned in an announcement emailed to CoinDesk.
To date, the states which have filed such a problem in opposition to 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 just lately backed him up.
“It is critically important that the CFTC’s exclusive authority over Prediction Markets is maintained, and that they will thrive,” Trump posted on his social media website, Fact Social. “Under my leadership, we are setting ‘rules of the road’ that are the Gold Standard 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 principles.
“It is a major Industry, and we must protect it,” Trump wrote. “Mike Selig, CFTC Chairman, and respected by all, is doing a great job.”
The CFTC has sued eight states — most just lately New Mexico — and leapt into different courtroom issues involving the sector.
