TD Cowen: Trump's Support for CFTC Jurisdiction Over Prediction Markets Unlikely to Shift Legal Debate on Event Contracts

Odaily reported that TD Cowen stated President Trump's public support for the CFTC's jurisdiction over prediction markets is unlikely to alter the legal debate surrounding event contracts. TD Cowen managing director Jaret Seiberg noted that this matter has entered federal court proceedings and is not something a regulatory agency or the executive branch can decide. He still believes the Supreme Court will ultimately rule on whether Congress, in establishing event contracts, preempts state sports betting laws, and that states remain at an advantage in this debate. Litigation could take two years or more. Seiberg also pointed out that Trump's post was more about defending CFTC Chairman Selig following a New York Times investigation report, rather than a substantive policy change. (TheBlock)