By KEN SWEET NEW YORK (AP) — The Trump administration is throwing its support behind the prediction market operators Kalshi and Polymarket in a critical legal battle between the growing prediction market industry and states that wish to ban these platforms. Related Articles Stephen Colbert says network lawyers pulled James Talarico interview over FCC equal time fears NAACP asks judge to protect against ‘misuse’ of voter data seized by FBI in Georgia’s Fulton County Trump’s border czar says ‘small’ security force will remain in Minnesota after enforcement drawdown With electricity bills rising, some states consider new data center laws Trump nominates a hospitality executive to lead the National Park Service The move by Michael Selig, the recently appointed chairman of the Commodity Futures Trading Commission, could have enormous implications for how sports betting is regulated in the country and, if Kalshi and Polymarket were to prevail, could erode the ability for states to effectively regulate gambling. Any friendly decision the CFTC makes on this industry could end up financially benefiting the president’s family as well. President Trump’s son, Donald Trump Jr., has invested in Polymarket through his venture capital firm and is a strategic advisor for Kalshi. The CFTC currently regulates prediction markets, and that federal oversight allows Kalshi and others to operate in all 50 states, even those where gambling is illegal. Several states have sued Polymarket and Kalshi, alleging that the companies effectively operate casino or gambling operations in violation of state gambling laws, and have ordered them…
Want more insights? Join Grow With Caliber - our career elevating newsletter and get our take on the future of work delivered weekly.
