I’ll Defeat You in Court
Recent developments in the U.S. regarding prediction markets have sparked a significant conflict between federal and state authorities. Brian Selig, Chairman of the Commodity Futures Trading Commission (CFTC), recently announced plans to protect prediction markets from state regulation. This announcement came while he was speaking aboard Air Force One.
Conflict Over Prediction Markets
During a social media clip released on February 16, 2026, Selig stated, “Over the past year, American prediction markets have faced challenges due to state-led litigation.” He revealed that the CFTC has filed a Friend of the Court brief to assert its exclusive authority over these markets. Selig emphasized that the CFTC has regulated prediction markets for over 20 years. He believes they play a vital role in society by helping people hedge risks and serving as a check on media narratives.
Governor Spencer Cox’s Response
The response from Utah Governor Spencer Cox was immediate and pointed. He rebuked Selig’s remarks, claiming that the CFTC’s oversight does not extend to markets like LeBron James’ rebounds. Cox described these prediction markets as mere gambling, asserting, “They are destroying the lives of families and countless Americans, particularly young men.” He declared his intent to fight back vigorously. “I will use every resource at my disposal to beat you in court,” he added.
Reactions from Other Politicians
Former New Jersey Governor Chris Christie also weighed in on the debate. He criticized federal bureaucrats for overstepping their authority, stating, “Sports betting is not a derivative; it’s gambling.” Christie accused federal officials of attempting to undermine state rights while expanding their power.
Implications for the Trump Family
This unfolding drama has drawn media interest due to the potential financial stakes for the Trump family. A report by PBS highlighted that any favorable decision made by the CFTC regarding prediction markets could financially benefit President Trump’s family. Notably, Donald Trump Jr. has made investments in Polymarket and advises Kalshi through his venture capital firm.
Conclusion
The ongoing dispute underscores a broader power struggle between state and federal governance. As the CFTC seeks to maintain its jurisdiction over prediction markets, various state officials are prepared to contest this authority vigorously. The outcome of this legal battle could have far-reaching implications for the future of prediction markets in the United States.
