President Donald Trump lashed out at a handful of lawmakers whom he described as "scum" on Tuesday over their efforts to take the lead on regulating prediction markets.
In a new Truth Social post, Trump called out Chris Christie, the former Republican governor of New Jersey, New York Attorney General Letitia James, and Minnesota Gov. Tim Walz for their efforts to create state laws surrounding prediction markets like Kalshi and Polymarket. Trump claimed in the post that the Commodities Futures Trading Commission, an independent agency that regulates certain financial markets that Trump hollowed out during his second term, needs to maintain regulatory control over prediction markets.
"It is critically important that the CFTC’s exclusive authority over Prediction Markets is maintained, and that they will thrive," Trump wrote. "Under my leadership, we are setting 'rules of the road' that are the Gold Standard for the States. We cannot have SCUM like Chris Christie, Letitia James, Tim Walz, and JB Pritzker setting the rules! Other Countries are after this new form of Financial Market, and we want to remain at the top."
"Likewise, and even more importantly, where we are currently the Crypto (Bitcoin, etc.) Capital of the World, other Countries are trying diligently to replace us in that capacity, but we won’t let that happen," he added. "It is a major Industry, and we must protect it. Mike Selig, CFTC Chairman, and respected by all, is doing a great job. Thank you Mike!"
During Trump's second term, several prediction markets with ties to his family have been approved. For instance, the CFTC approved Polymarket after it received an investment from 1789 Capital, a company partly owned by Donald Trump Jr, Seeking Alpha reported.
The agency also approved an offshoot of Gemini that was founded by Donald Trump Jr. and Trump's other son, Eric Trump, according to the report.
