In an effort to maintain America’s status as the “cryptocurrency capital of the world,” US President Donald Trump has publicly expressed his support for the multi-billion dollar forecasting industry widely known through Calcci and Polymarket.
In a statement posted on Truth Social on May 26, Trump defended the Federal Commodity Futures Trading Commission (CFTC) and its Chairman Mike Selig for regulatory leadership in the predictive sector, saying this is where it will thrive.
It is criticize Political figures Chris Christie, Letitia James, Tim Waltz, and J.B. Pritzker for collectively coordinating the crackdown on prediction markets.
The “rules of the road” for cryptocurrencies.
And in Minnesota, Tim Walz signed a law explicitly banning event markets, which was scheduled to go into effect on August 1. Hours later, the CFTC and the Department of Justice filed a lawsuit to counter this, claiming infringement of federal jurisdiction.
In New York, Attorney General Letitia James has filed two lawsuits against predictive platforms, alleging violations of the state’s gambling and consumer protection laws. In response, the CFTC filed a countersuit to assert its authority over financial swaps.
In Illinois, Governor JB Pritzker issued cease and desist orders against these markets, claiming that this had already happened. Market manipulation. As it stands, the CTTC has filed a federal lawsuit to overturn these restrictions. The watchdog has also filed several other lawsuits preventing attorneys general in Arizona, Connecticut, and Wisconsin from shutting down forecasting platforms.
So far, at least 15 other states have introduced bills trying to regulate or ban these platforms altogether. Other than Insider tradingthese states also claim the use of minors.
Conflict of interest
Ethics watchdogs have raised concerns about Donald Trump Jr being an advisor to both Calci and Polymarket. To make matters worse, the Trump family announced plans to launch their own prediction market, tentatively called “Truth Prediction.”
Was this writing helpful?
The story ends here
Trust with CoinPedia:
CoinPedia has been providing accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert team of analysts and journalists, following strict editorial guidelines based on EEAT (Expertise, Expertise, Credibility and Trustworthiness). Each article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy ensures unbiased reviews when recommending exchanges, platforms or tools. We strive to provide timely updates on everything cryptocurrency and blockchain, from startups to industry specialties.
Investment Disclaimer:
All opinions and ideas shared represent the author’s own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication accepts responsibility for your financial choices.
Sponsored and advertisements:
Sponsored content and affiliate links may appear on our site. Ads are clearly labeled, and our editorial content remains completely independent from our advertising partners.
Read upcoming news
