White House Begins CFTC Prediction Market Rule Review as Trump Backs Agency Authority on Tuesday

According to The Block and CFTC statements, the White House Office of Information and Regulatory Affairs (OIRA) began reviewing proposed prediction market rules from the Commodity Futures Trading Commission on Tuesday (May 27), as President Donald Trump publicly backed the agency's exclusive jurisdiction over the sector.

On Tuesday, Trump called the matter "critically important" for the CFTC to regulate prediction markets and criticized Illinois Governor JB Pritzker, New York Attorney General Letitia James, Minnesota Governor Tim Walz, and former New Jersey Governor Chris Christie over their efforts to restrict platforms like Kalshi and Polymarket. The CFTC has sued five states—Wisconsin, Illinois, Arizona, Connecticut, and New York—over their attempts to restrict prediction market platforms. Trump Jr. has invested in Polymarket through venture capital firm 1789 Capital and serves as strategic advisor to Kalshi.