California Governor Gavin Newsom’s Press Office has questioned the CFTC’s decision to get involved in legal battles to assert that federal law preempts state laws governing prediction markets.
amicus brief in support of Crypto.com’s case against the Nevada Gaming Control Board
CFTC Chair Michael Selig posted a video on X on Tuesday outlining that the regulator will legally challenge anyone who opposes prediction markets. This included the body filing an amicus brief in support of Crypto.com’s case against the Nevada Gaming Control Board, which is currently before the Ninth Circuit Court of Appeals.
The Governor Newsom Press Office account reposted Selig’s video on X, attaching a screenshot of a headline and lede that mentioned Donald Trump, Jr. joining Polymarket’s board and his venture capital firm’s eight-figure investment in the company.
Trump, Jr. also an advisor to rival firm Kalshi. Newsom’s post suggests a possible link between the CFTC’s bullish stance on prediction markets and Trump Jr.’s role in the industry:
BetUS has Newsom as the +125 favorite to be the Democratic nominee for the 2028 presidential election.
