Democratic Nevada Senator Catherine Cortez Masto said sports prediction markets are obviously gambling, as she took to social media to criticize Commodity Futures Trading Commission Chairman Michael Selig.
“Federal courts have ruled repeatedly that states and tribes regulate gambling within their territory,” Masto wrote in a post Monday on X. “But the chairman of the CFTC is encouraging companies to keep offering these bets in violation of court orders.”
Last week, the CFTC ordered federally regulated exchanges to stop restricting access based on where traders live within the United States, giving them 30 days to comply or explain why they cannot.
The CFTC issued an interpretation of its impartial-access rule, Regulation 38.151(b), which requires designated contract markets (DCMs) to give members and persons with trading privileges “competitive, open, fair, and impartial-access” requirements.
The directive complicated compliance for prediction market operators dealing with court orders restricting their access in several states, including Michigan, Nevada, and Washington.
“Let’s be clear about what’s happening: The Trump family is heavily invested in prediction market platforms,” Masto wrote.
Donald Trump Jr. serves as a strategic advisor to Kalshi and Polymarket, holding equity stakes in both platforms. His venture firm, 1789 Capital, led multi-million-dollar funding rounds into Polymarket.
“This move to undermine tribal and state sovereignty is intended to create profits for the president’s family,” Masto wrote. “That should outrage all of us.”
Meanwhile, Nicole Saharsky, an attorney with Mayer Brown who represents Nevada in several prediction market lawsuits, has asked the U.S. Supreme Court to move its response deadline in the Crypto.com case from November 16 to December 7.
Daniel Wallach, a gaming attorney, wrote on X that Nevada’s possible strategy is to secure review in both the Crypto.com case that state is facing and Kalshi’s case against New Jersey gaming regulators, consolidate oral arguments, and have Saharsky argue Nevada’s case directly.
“This extension is necessary, because the attorneys with principal responsibility for preparation of the response have been engaged with the press of previously assigned matters with proximate due dates,” wrote Saharsky, adding that Crypto.com had consented to this extension request.
