Business & Finance
Donald Trump Jr. advised Republican state attorneys general not to target prediction markets, report says
The reported remarks come amid regulatory tensions between state officials and federal regulators over the oversight of event contract exchanges.
The short version
- Donald Trump Jr. reportedly urged Republican state attorneys general in March to refrain from targeting prediction market platforms.
- Trump Jr. serves as an advisor to prediction market platforms Kalshi and Polymarket, creating potential conflict-of-interest questions amid regulatory disputes.
- The Commodity Futures Trading Commission and state attorneys general remain locked in legal battles over whether sports-related event contracts fall under state or federal authority.
Key facts
- The New York Times reported that Donald Trump Jr. told Republican state attorneys general in March that states were being misled by gambling companies trying to protect monopolies against prediction markets.[CNBC]
- Trump Jr. is an advisor to prediction market platforms Kalshi and Polymarket and a partner at venture capital firm 1789 Capital.[CNBC]
- The Commodity Futures Trading Commission has sued nine states to prevent them from regulating prediction markets, while 44 attorneys general wrote to the agency arguing it lacks authority over sports-related event contracts.[CNBC]
- Kalshi stated that Trump Jr. provides advice on its marketing strategy rather than regulatory matters.[CNBC]
What remains uncertain
- CNBC noted that it could not independently verify the remarks attributed to Donald Trump Jr. by The New York Times.[CNBC]