'Scum': Trump rages at states' crackdown on prediction markets amid speculation over billion-dollar oil trades

By JON MICHAEL RAASCH, WHITE HOUSE CORRESPONDENT Published: 15:40, 27 May 2026 | Updated: 15:49, 27 May 2026 Donald Trump is skewering the 'scum' that he claims are roiling the burgeoning prediction markets that are raking in billions on bets from everything from oil prices to the New York Knicks.  The Commodity Futures Trading Commission (CFTC) was recently named as the primary regulator for the markets and popular platforms like Polymarket and Kalshi. But Democratic state leaders are pushing for more control over the markets amid concerns that they are simply a new form of gambling and could facilitate insider trading.  Trump pushed back on Tuesday evening, posting on Truth Social: 'It is critically important that the CFTC's exclusive authority over Prediction Markets is maintained, and that they will thrive.' 'Under my leadership, we are setting "rules of the road" that are the Gold Standard for the States,' Trump continued. 'We cannot have SCUM like Chris Christie, Letitia James, Tim Walz, and JB Pritzker setting the rules!'  Investment bank Bernstein estimates that prediction markets will make $240 billion in revenue in 2026. That figure is estimated to balloon to $1 trillion by 2030.  Concerns have been raised over large bets made before Trump's attacks on Iran and Venezuela, fueling speculation of insider trading by people inside the administration.  The President's family is also closely intertwined with the industry. Don Jr is a paid strategic advisor for Kalshi and invested millions through his venture capital firm into Polymarket.  Donald Trump defended the CFTC's control over prediction markets and slammed Democratic leaders attempting to ban the platforms in their states in a social media post on Tuesday night Donald Trump Jr is a paid advisor for Kalshi and a major investor in Polymarket. He also is friendly with Polymarket Founder Shayne Coplan and sits on the company's board  Don Jr sits on the Polymarket board, and he was photographed closely dining with company Founder Shane Coplan during the 2024 Republican National Convention.  'Other Countries are after this new form of Financial Market, and we want to remain at the top,' Trump's post continued.  '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.' Trump's attack on the Democratic officials comes after Minnesota, New York and Illinois attempted to regulate prediction markets on the state level. Minnesota just passed a ban on prediction markets, prompting the CFTC to sue in retaliation.  Trump also took a shot at his GOP foil, former New Jersey Governor Chris Christie, who is a lobbyist for the gambling industry, which is largely opposed to prediction markets. The President's family, including Don Jr and Eric Trump, both have large crypto holdings. An analysis done by Forbes last year claimed that Trump's crypto holdings have grown to over $1.2 billion.  Democratic Illinois Governor JB Pritzker, who disclosed a $1.4 million profit from blackjack in Las Vegas in October, hit back at Trump's post, writing: 'Illinois took action to prevent and ban insider trading with online prediction markets in our state.' '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.' Polymarket Founder and CEO Shayne Coplan  Democratic Illinois Governor JB Pritzker   Pritzker signed an order banning state employees from using prediction markets in April.  Meanwhile, New York Attorney General Letitia James has sued crypto companies and filed an amicus brief in support of the Massachusetts lawsuit against Kalshi.  The prediction market has raised suspicions for platforming massive gambles on commodities and government operations amid the US-Iran war and other global events.  Fueling speculation about CFTC inefficiency, billions of dollars' worth of suspicious oil trades changed hands just before Trump announced price-moving news, such as a ceasefire or progress toward a peace deal.  The CFTC is reportedly examining the odd exchange of around $800 million worth of oil futures traded on March 23, just minutes before Trump postponed strikes on Tehran's energy infrastructure.  The CFTC has not formally announced a probe into the suspicious trades.   Gannon Ken Van Dyke, a US Army soldier, was arrested earlier this year after betting on US military operations in Venezuela that he had knowledge of.  His roughly $31,000 worth of wagers netted him over $400,000 on Polymarket. 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