President Donald Trump is set to engage with executives from prediction markets and crypto companies in a White House meeting on Wednesday, August 19, Bloomberg reports. Executives from Polymarket, Kalshi, Coinbase, and Robinhood are to be in attendance.
Chairman of the Commodity Futures Trading Commission, Michael Selig, as well as the chair of the Securities and Exchange Commission, Paul Atkins, are also expected to attend the event.
White House Meeting To Precede CFTC Innovation Advisory Committee
The meeting will begin discussions ahead of the inaugural meeting of the CFTC’s Innovation Advisory Committee, scheduled for Thursday, August 20. The Innovation Advisory Committee is a panel made up of executives from top gambling, prediction market, crypto, and finance companies to discuss regulating the relevant industries.
Prediction Markets Face Pushback From Gambling Industry
It comes after prediction markets have exploded globally, while not being regulated as gambling platforms in the United States. This is because there is no “house” that acts as a counterparty on prediction markets; instead, users are wagering money against other users.
However, casinos and other gambling companies have pushed back against this framing, arguing that it gives prediction markets an unfair advantage because they face far less regulatory scrutiny.
Polymarket and Kalshi Draw $14.3B in Monthly Volume
Polymarket and Kalshi are by far the largest prediction market platforms, collectively drawing in more than $14.3 billion in volume last month, according to Dune data.
Clarity Act Faces Difficulties in the Senate
The meeting also comes as the crypto industry’s Clarity Act, a market structure bill, faces difficulties passing in the Senate. Some lawmakers have dragged their heels with the bill, citing Trump’s crypto ventures as a conflict of interest. Several Democrats are refusing to vote for the bill unless Trump and his family completely divest from their crypto holdings.
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President Donald Trump is set to engage with executives from prediction markets and crypto companies in a White House meeting on Wednesday, August 19, Bloomberg reports. Executives from Polymarket, Kalshi, Coinbase, and Robinhood are to be in attendance. Chairman of the Commodity Futures Trading Commission, Michael Selig, as well as the chair of the Securities
The post President Trump To Meet With Execs of Prediction Markets & Crypto Companies appeared first on CasinoBeats.