A Polymarket spokesperson said the company hopes to address the claims.
“This action goes against the framework established by the CFTC to regulate prediction markets,” the spokesperson said in a statement emailed to CoinDesk.
So far, states that have brought such a challenge against prediction markets have been met with countersuits from the CFTC, where Chairman Mike Selig has taken an aggressive legal stance defending his agency’s authority as the sole regulatory power over event contracts, which he claims falls squarely within the CFTC’s authority over U.S. derivatives.
And Trump recently endorsed it.
“It is vitally important that the CFTC’s exclusive authority over prediction markets be maintained and that they thrive,” Trump posted on his social media site, Truth Social. “Under my leadership, we are establishing ‘rules of the road’ that are the gold standard for States.”
He claimed his state-level political enemies — offering names including Minnesota Gov. Tim Walz and Illinois Gov. JB Pritzker — are “scum” who should not be allowed to make the rules.
“It is an important industry and we must protect it,” Trump wrote. “Mike Selig, chairman of the CFTC and respected by everyone, is doing a great job.”
The CFTC has sued eight states (most recently New Mexico) and has intervened in other legal matters related to the sector.
