'RULES OF THE ROAD': Trump backs CFTC to oversee prediction markets

• President Trump backs the CFTC to be the exclusive authority and main regulator for prediction markets and cryptocurrency, advocating for a national 'Gold Standard' over state-level regulations.
• Congress is scrutinizing prediction market platforms like Polymarket and Kalshi over concerns about insider trading, citing examples of suspicious trades related to military operations and political races.
• Industry representatives, such such as Patrick McHenry, state that prediction market platforms proactively ban insiders and conduct investigations, with Kalshi reporting over 200 investigations and referrals to law enforcement.

President Trump supports the CFTC as the primary regulator for prediction markets and cryptocurrency, aiming to establish a national 'Gold Standard' for oversight. This comes amidst congressional scrutiny over potential insider trading on platforms like Polymarket and Kalshi, with industry representatives emphasizing existing safeguards and proactive measures to prevent illicit activities.