Donald Trump Jr.
Critics attacked President Donald Trump's newest move against states as a "war" against betting market regulations meant to help enrich his family's business interests, with one activist stating bluntly, "This is what corruption looks like."
According to a Thursday report from the Popular Information substack, Arizona, Connecticut and Illinois have launched lawsuits against "prediction market" platforms Kalshi, Polymarket, Crypto.com, and Robinhood, alleging that they have worked to "circumvent state laws" in order to run "illegal gambling sites." As these services have exploded in popularity, critics have accused them of turning a wide range of random circumstances into opportunities for betting, as well as offering betting opportunities on things like sporting events that critics say are indistinguishable from real gambling altogether.
In response to these state-level efforts to rein in these platforms, Trump's Commodity Futures Trading Commission filed counter lawsuits, arguing that the services those sites offer "are distinct from traditional gambling." That is the same line of argument the platforms themselves have put forward as they have attempted to avoid being regulated or outright banned under traditional gambling laws.
As Popular Information laid out in detail, Trump has extensive connections to these platforms, owning the largest share of the Trump Media & Technology Group, which in turn does significant business with Crypto.com. Trump's son, Donald Trump Jr., is also "deeply enmeshed" in the industry, serving as an advisor for both Kalshi and Polymarket. And it does not stop there.
"Many of Trump’s political allies also have connections to the prediction market industry," the report elaborated. "Trump-supporting billionaire Peter Thiel, for example, has helped raise millions in funding for Polymarket. Paradigm, an investment firm, and venture capital firm Andreessen Horowitz also participated in a funding round for Kalshi. Paradigm donated $1 million to Trump’s inaugural fund. Andreessen Horowitz co-founders Marc Andreessen and Ben Horowitz both donated millions to a super PAC supporting Trump’s 2024 campaign, and Trump recently appointed Andreessen to his 'President’s Council of Advisors on Science and Technology.'"
Melanie D'Arrigo is executive director for the New York Health Campaign, which advocates for universal single-payer healthcare, and has co-founded non-profits involved with the LGBTQ community. Sharing a link to the report on X Thursday, she was unsparing in her appraisal of the corruption at play with the CFTC's lawsuits.
"Donald Trump Jr. is a paid strategic advisor for Kalshi," D'Arrigo wrote. "Trump Jr. is a major investor and advisor for Polymarket. Trump Media has a $6.5 billion+ investment and partnership with Crypto.com. Robinhood runs the Trump Accounts. The Trump administration is blocking states from suing them. This is what corruption looks like."
Reprinted with permission from Alternet
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