Trump boosts prediction markets as his family profits
President Trump has publicly supported prediction markets, which could financially benefit his family. He criticized state leaders attempting to regulate these markets, claiming they are corrupt. Critics argue that his actions are motivated by personal profit and undermine consumer protections.
- ▪Trump's family stands to profit from the prediction market industry.
- ▪He has called for the Commodity Futures Trading Commission to have exclusive authority over prediction market regulations.
- ▪Critics, including Senator Chris Murphy, accuse Trump of corruption for opposing state regulations.
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US President Donald Trump on Tuesday used his social media platform to boost prediction markets – a burgeoning industry from which Trump’s family stands to profit – and lashed out at state leaders working to regulate them, singling out officials in Illinois, New York and elsewhere as “scum.” Trump, whose administration is considered by some to be the most brazenly corrupt in US history, argued that the Commodity Futures Trading Commission (CFTC) must have “exclusive authority” over prediction market regulations, declaring that “it is a major industry, and we must protect it.” The president’s message echoed that of his CFTC chief, Mike Selig, who said earlier this year that the agency would fight any state-level efforts to restrict prediction markets. Sen.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Asia Times.
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