Trump used a Truth Social post to back CFTC chair Michael Selig's view that federally regulated prediction markets sit under the agency's exclusive authority, not state gambling regulators. The fight is escalating across New York, Illinois, Minnesota and other states, with cases already at the federal appellate level and likely headed toward SCOTUS. The timing is messy: Spain, India and Indonesia have moved against prediction markets, while a House probe and NYT report put more heat on CFTC approvals tied to crypto and Trump-linked firms.

TLDR by @Benthic