President Trump’s Promise to Protect Crypto, Predictions Markets

Key Takeaways

• US President Donald Trump made a promise that the federal government will protect the crypto and predictions markets
• The President said he will make sure other countries don’t top the US as the “crypto capital of the world.”
• On Predictions Markets, he said: ““Other Countries are after this new form of Financial Market, and we want to remain at the top.”

US President Donald Trump made a promise that the federal government will protect and ensure the crypto and predictions markets continue to thrive Tuesday night. In a post to Truth Social, the President stressed the importance of establishing the Commodity Futures Trading Commission’s “exclusive authority” over prediction markets. He also said he will make sure other countries don’t top the US as the “crypto capital of the world.”

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Trump’s Crypto Vow: CFTC to Have Exclusive Authority over Predictions, Cryptocurrency

Trump promised to safeguard the interests of prediction markets and crypto, suggesting both are crucial to the health of the US economy.

“It is critically important that the CFTC’s exclusive authority over Prediction Markets is maintained, and that they will thrive,” Trump wrote on Truth Social. “Under my leadership, we are setting ‘rules of the road’ that are the Gold Standard for the States.” 

“Other Countries are after this new form of Financial Market, and we want to remain at the top,” he added. “Likewise, and even more importantly, where we are currently the Crypto (Bitcoin, etc.) Capital of the World, other Countries are trying diligently to replace us in that capacity, but we won’t let that happen.”

On Sunday, The New York Times published a major investigation revealing that the CFTC has helped advance prediction markets “at virtually every turn” while softening regulatory enforcement of digital currencies — including by culling the commission’s ranks and sidelining career officials. A news outlet that Trump has often criticized, the NYT’s report made waves in the media as an attack on the commission.

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President Trump has close ties to the crypto and predictions market already, which lines up with his promises for both markets. Trump’s eldest son, Donald Trump Jr., has ties to Kalshi and Polymarket, the two most prominent platforms in the event-contract betting industry. The industry has supported him in return, with companies like Crypto.com supporting his campaigns. President even has established his own crypto company, World Liberty Financial (WLFI).

Hence, some journalists and contrarians are calling Trump’s vow out as unbiased. Some states are also against Trump’s vows and the markets entirely. Last week, Minnesota Governor Tim Walz, a Democrat, signed a law that would ban prediction market sites from operating in the state. The Trump administration responded by suing to assert the CFTC’s authority over the state.

Trump Continuing Crypto President Push

Donald Trump has pushed the US government to embrace the crypto industry since his return to the White House. Currently, he is working to ensure that the crypto Clarity Act gets approved. Some analysts still view the CLARITY Act as a longer-term positive because it could finally establish clearer rules between the SEC and CFTC. The bill advanced in the Senate Banking Committee on May 15, and now heads to the full Senate floor. However, it doesn’t have bipartisan support, as Democrats are pushing for ethics rules tied to President Trump’s crypto interests.

With midterm elections approaching and limited time before the August recess, lawmakers are under pressure to reach an agreement. But currently, the Clarity Act remains stalled as both sides continue negotiations over the ethics provision.

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