President Trump is moving to protect prediction markets like Kalshi and Polymarket as nationwide backlash against them grows.
“Over the past year, American prediction markets have been hit with an onslaught of state-led litigation. In response, the CFTC has today filed a friend-of-the-court brief to defend its exclusive jurisdiction over these derivative markets,” Commodity Futures Trading Commission Chair Mike Selig said in a video on X Tuesday. “Prediction markets aren’t new.… They provide useful functions for society by allowing everyday Americans to hedge commercial risks like increases in temperature and energy price spikes. They also serve as an important check on our news media.”
I have some big news to announce… pic.twitter.com/3OBNTaOnIL
— Mike Selig (@ChairmanSelig) February 17, 2026Selig published a Wall Street Journal op-ed on February 16 titled “States Encroach on Prediction Markets,” noting that the CFTC has always had authority over prediction markets and will work to stop states’ legal attacks.
To many, prediction markets are legalized, freewheeling virtual gambling at best and perfect fronts for insider trading at worst.
“Mike, I appreciate you attempting this with a straight face, but I don’t remember the CFTC having authority over the ‘derivative market’ of LeBron James rebounds,” Utah Republican Governor Mike Cox said. “These prediction markets you are breathlessly defending are gambling—pure and simple. They are destroying the lives of families and countless Americans, especially young men. They have no place in Utah. Let me be clear, I will use every resource within my disposal as governor of the sovereign state of Utah, and under the Constitution of the United States, to beat you in court.”
Independent journalist Joon Lee chimed, “Trump-appointed chairman of CTFC says they will go to court to protect the national legality of prediction markets. Does not mention sports makes up 90% of bets placed on prediction markets. Also not mentioned: Trump Jr is an investor in Polymarket and a paid advisor to Kalshi.”
“Thank you, Chairman,” one X user wrote sarcastically. “Debt, depression and suicide rates among young men is a very small price to pay for our God-Given Right to wager on who will get engaged in the current season of Love Is Blind.”
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