White House begins review of CFTC prediction market proposal

The White House has begun reviewing a regulatory proposal from the U.S. Commodity Futures Trading Commission (CFTC) concerning prediction markets. According to The Block, the White House Office of Information and Regulatory Affairs (OIRA) received the CFTC's proposed rules for event contracts on May 27 and is now reviewing them. U.S. President Donald Trump has previously voiced public support for the CFTC having exclusive jurisdiction over these markets. However, the proposal faces opposition from some state governments, which argue that platforms like Kalshi and Polymarket are circumventing sports betting and gambling regulations. A legal dispute over this regulatory authority is currently underway in federal court.