Trump Backs CFTC as Prediction Market Regulator Amid State Fight

President Donald Trump backed the Commodity Futures Trading Commission as the sole regulator of prediction markets, siding with the agency amid a growing legal fight with states over the multibillion-dollar industry.

“It is critically important that the CFTC’s exclusive authority over Prediction Markets is maintained, and that they will thrive,” Trump said in a social media post on Tuesday. “Under my leadership, we are setting ‘rules of the road’ that are the Gold Standard for the States.”

Trading on prediction markets has surged over the past year and a half as the Trump administration embraced the industry, which allows customers ...