{"id":129,"date":"2026-05-24T18:08:44","date_gmt":"2026-05-24T18:08:44","guid":{"rendered":"https:\/\/smartmovinghome.com\/?p=129"},"modified":"2026-05-24T18:08:44","modified_gmt":"2026-05-24T18:08:44","slug":"the-trump-administration-is-shielding-prediction-markets","status":"publish","type":"post","link":"https:\/\/smartmovinghome.com\/?p=129","title":{"rendered":"The Trump Administration Is Shielding Prediction Markets"},"content":{"rendered":"<div>\n<!-- begin partial\/series-card --><\/p>\n<div>\n<div>\n<p><i><span>Support justice-driven, accurate and transparent news \u2014 make a <\/span><\/i><i><span>quick donation<\/span><\/i><i><span> to Truthout today!\u00a0<\/span><\/i><\/p>\n<p>Read more <a href=\"https:\/\/smartmovinghome.com\/?p=127\">The Justice Department Just Shut Disabled People Out of Essential Online Services for Another Year<\/a><\/p>\n<\/div>\n<\/div>\n<p>A Sunday report in <em>The New York Times <\/em>revealed how the Trump administration is using a key government agency to shut down any efforts to regulate online betting markets such as Kalshi and Polymarket.<\/p>\n<p>According to the <em>Times<\/em>, the administration has stacked the Commodity Futures Trading Commission (CFTC) with industry insiders who have systematically \u201cmowed down\u201d staffers at the agency who have expressed interest in providing oversight on prediction markets.<\/p>\n<p>Among other things, the report documented how multiple officials at CTFC have been put on leave simply for asking questions about the betting markets\u2019 ties to members of President Donald Trump\u2019s family or for having past experience enforcing regulations related to cryptocurrencies.<\/p>\n<p>What\u2019s more, the <em>Times<\/em> found that even being an industry insider isn\u2019t enough to guarantee good standing in the agency. Brian Quintenz, who was tapped by Trump to lead CTFC last year, saw his nomination withdrawn after he drew the ire of Cameron and Tyler Winklevoss for refusing to support their cryptocurrency exchange\u2019s complaint against the agency.<\/p>\n<p>Revelations about industry insiders rolling over regulators at CTFC come as the Trump administration is fighting any attempts by states to regulate prediction markets.<\/p>\n<p>As explained in a Thursday report from <em>CNBC,<\/em> the Trump administration is \u201cfighting a multi-front battle to stop the state actions and assert its regulatory authority,\u201d with CTFC arguing that it is \u201cthe only entity that can regulate\u201d betting platforms.<\/p>\n<p>Read more <a href=\"https:\/\/smartmovinghome.com\/?p=125\">Cubans Rally in Havana Against the Trump Administration\u2019s Threats to Attack<\/a><\/p>\n<p>16 different states are engaged in legal proceedings against the platforms, and Minnesota last week passed a law to ban them outright, which immediately drew a lawsuit from the administration.<\/p>\n<p>The new Minnesota law, which is scheduled to take effect in August, bans prediction markets \u201cfrom hosting, creating or advertising in the state,\u201d according to <em>ABC News.<\/em><\/p>\n<p>In an interview with <em>ABC<\/em>, Minnesota state Rep. Emma Greenman (D-63B) said she authored the legislation because she has grown increasingly concerned about young people in the state seeing their finances drained from placing online bets.<\/p>\n<p>\u201cWe\u2019re seeing studies come out that say [the companies] are targeting 18- to 21-year-olds,\u201d said Greenman, \u201cand we are seeing gambling starting younger and younger.\u201d<\/p>\n<p>CFTC Chair Michael Selig last month warned states against trying to regulate prediction markets, which he said would \u201ccircumvent the clear directive of Congress.\u201d<\/p>\n<p>\u201cOur message to Wisconsin is the same as to New York, Arizona, and others,\u201d said Selig. \u201cIf you interfere with the operation of federal law in regulating financial markets, we will sue you.\u201d<\/p>\n<p>Read more <a href=\"https:\/\/smartmovinghome.com\/?p=123\">Critics Warn Utah Megadata Center Could Devastate Great Salt Lake<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A recent report found CFTC staff were put on leave after questioning Trump-linked betting markets.<\/p>\n","protected":false},"author":1,"featured_media":128,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interesting"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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