Report Exposes How Trump Administration Has 'Mowed Down' Regulators Overseeing Prediction Markets
"A Sunday report in The New York Times 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."
"According to the Times, the administration has stacked the Commodity Futures Trading Commission (CFTC) with industry insiders who have systematically 'mowed down' staffers at the agency who have expressed interest in providing oversight on prediction markets."
"Among other things, the report documented how multiple officials at CTFC have been put on leave simply for asking questions about the betting markets’ ties to members of President Donald Trump’s family or for having past experience enforcing regulations related to cryptocurrencies."
"What’s more, the Times found that even being an industry insider isn’t 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 Brian Quintenz, who was tapped by Trump to lead CTFC last year, saw his nomination withdrawn after he drew the ire of Cameron and Tyler Winklevoss for refusing to support their cryptocurrency exchange’s complaint against the agency."
Continued at link:
https://www.commondreams.org/news/trump-ctfc-betting-markets
"Donald Trump Jr. serves on the advisory board of the prediction market platform Polymarket, having joined the company in August 2025. Additionally, the venture capital firm where he is a partner, 1789 Capital, made a strategic, multi-million dollar investment in the platform." (Politico)
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