The Trump administration has officially supported prediction market operators Kalshi and Polymarket in their legal battle against state governments seeking to ban these platforms. New CFTC Chair Michael Selig declared the agency's commitment to defending its jurisdiction over prediction markets, stating, "We’ll see you in court." States like Nevada have accused these platforms of operating as unlicensed sports betting businesses, but Selig argues they should be regulated as futures contracts under federal law. Donald Trump Jr., who has invested in Polymarket and advises Kalshi, is involved in the dispute. In response to the legal challenges, Selig announced the creation of an Innovation Advisory Board, including CEOs from Polymarket, Kalshi, Coinbase, and Robinhood. However, the board's lack of consumer protection representatives has faced criticism, with Utah Governor Spencer Cox labeling prediction markets as "gambling, plain and simple."