Donald Trump said the CFTC should retain exclusive authority over prediction markets in a Truth Social post, according to the report. He criticised state-level efforts to restrict the sector as legal disputes involving states and platforms including Kalshi and Polymarket continue.
The position bears on whether prediction-market operators face federal oversight or state gambling laws.
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US President Donald Trump plans to meet prediction market and cryptocurrency company executives at the White House on 19 August, citing Bloomberg. Expected attendees include executives from Polymarket and Kalshi, alongside Commodity Futures Trading Commission chairman Michael Selig.
A White House spokesperson said prediction-market companies would not attend President Donald Trump’s technology-sector event, contradicting reports that executives from Polymarket and Kalshi might take part. The event was described as a meeting with technology leaders; prediction markets were due to feature at the CFTC Innovation Advisory Committee meeting in Washington.
Former White House chief of staff Mick Mulvaney said President Donald Trump is not prioritising who regulates prediction markets, according to the report. Mulvaney discussed the federal-state dispute over sports event contracts at a gaming legislators’ meeting and predicted that the US Supreme Court would ultimately decide the question.
US lawyers told a media report that the CFTC may have an advantage in disputes with states over prediction-market contracts, with the issue potentially reaching the Supreme Court. Courts remain divided, while states argue that sports-related contracts amount to unlicensed betting and the CFTC says federal law governs event contracts. A group of 17 senators has also sought to restrict CFTC funding for its lawsuits.
The Ninth Circuit’s panel for a consolidated prediction-markets appeal involving Kalshi, Crypto.com and Robinhood comprises judges Bridget Bade, Kenneth Lee and Ryan Nelson, all appointed by President Trump. The companies are appealing a Nevada federal court ruling that treated event contracts as wagering; the source says the panel was selected through a random process.