Report Exposes How Trump Administration Has 'Mowed Down' Regulators Overseeing Prediction Markets

Key Points:

• The Trump administration is using the Commodity Futures Trading Commission (CFTC), staffed with industry insiders, to block regulation efforts on online betting markets like Kalshi and Polymarket.
• CFTC officials who questioned the betting markets' connections to Trump's family or had cryptocurrency regulatory experience have been put on leave, indicating internal suppression of oversight.
• Brian Quintenz, nominated by Trump to lead the CFTC, had his nomination withdrawn after clashing with cryptocurrency exchange founders over regulatory complaints.
• The administration is actively opposing state-level attempts to regulate or ban prediction markets, with 16 states involved in legal actions and Minnesota recently passing a law banning such markets, which the administration has sued to block.
• Minnesota lawmakers, concerned about young people being targeted by online betting platforms, have pushed for bans, while CFTC Chair Michael Selig has warned states against regulation, citing Congressional authority over these markets.