Trump Jr. Urged GOP AGs to Spare Prediction Markets as 9 States Face CFTC Lawsuit
Updated
Updated · CNBC · Aug 27
Trump Jr. Urged GOP AGs to Spare Prediction Markets as 9 States Face CFTC Lawsuit
2 articles · Updated · CNBC · Aug 27
Summary
March remarks reported by The New York Times show Donald Trump Jr. told Republican state attorneys general not to target prediction markets, arguing gambling companies were protecting their monopolies.
Trump Jr., an adviser to Kalshi and Polymarket, said event-contract exchanges should be overseen by federal authorities rather than states, according to four people familiar with the comments.
The report lands as the CFTC sues 9 states to block their regulation of prediction markets, while 44 attorneys general have told the agency it cannot oversee sports-related event contracts.
Kalshi said states are trying to shut down a federally licensed exchange and highlighted North Carolina budget language setting a 6% tax on prediction markets versus 23% for sportsbooks.