U.S. President Donald Trump said it was "critically important" that the CFTC keep "exclusive authority" over prediction markets, echoing CFTC Chair Michael Selig in a post on Truth Social, his social media platform, late Tuesday afternoon. "Under my leadership, we are setting 'rules of the road' that are the Gold Standard for the States," he posted. "We cannot have SCUM like Chris Christie, Letitia James, Tim Walz, and JB Pritzker setting the rules!" Former New Jersey Governor Chris Christie has defended states' authority to regulate gambling products, which he likened to prediction markets, on various occasions. New York Attorney General Letitia James filed lawsuits similarly alleging that some prediction markets are violating state gambling laws; Illinois, headed by Governor J.B. Pritzker, sent a cease-and-desist; and Minnesota Governor Tim Walz last week signed a law enforcing criminal penalties for operating prediction markets. Pritzker responded in a post on social media platform Bluesky, saying Illinois had taken "action to prevent and ban insider trading with online prediction markets." "The most corrupt President in our nation’s history wants to make sure states like ours can’t regulate prediction markets so his family and administration can keep profiting," he posted. The CFTC, led by Selig as the sole commissioner on the agency, has filed lawsuits and amicus briefs against various states, including the ones tied to the officials mentioned by Trump, defending its jurisdiction over prediction markets. At the heart of the legal dispute is the question of whether prediction market contracts tied to sports and entertainment are really just gambling products dressed up as a novel financial instrument. The CFTC has taken the position that all prediction market contracts offered by regulated designated contracts markets (DCMs) fall under its jurisdiction, and that states do not have the right to infringe on that.