Nevada Sen. Cortez Masto Slams Trump Family Ties to Prediction Markets

U.S. Sen. Catherine Cortez Masto (D-Nev.) is taking aim at the Commodity Futures Trading Commission (CFTC), alleging its leadership not only permits but directs federally regulated derivatives platforms to bypass state and tribal gaming laws. Nevada’s senior U.S. senator believes the CFTC’s actions directly benefit the president’s family. U.S. Sen. Catherine Cortez Masto listens as Treasury Secretary Scott Bessent testifies during a Senate Committee on Banking, Housing, and Urban Affairs hearing on Feb. 5, 2026, in Washington, DC. Cortez Masto believes the CFTC is allowing prediction markets to trade sports event contracts to benefit the Trump family. (Image: Getty) In an “interpretation” published on Nov. 5, the CFTC directed its designated contract market (DCM) licensees to cease “domestic geographic restrictions” within 30 days. Prediction markets recently suspended sports trading in jurisdictions where courts issued preliminary injunctions in lawsuits questioning whether sports contracts violate state gambling and consumer protection laws. Cortez Masto believes the CFTC is acting as a proxy of President Donald Trump’s family business empire. Let’s be clear about what’s happening: the Trump family is heavily invested in prediction market platforms. This move to undermine tribal and state sovereignty is intended to create profits for the president’s family. That should outrage all of us,” said Cortez Masto. “Federal courts have ruled repeatedly that states and tribes regulate gambling within their territory. Sports ‘prediction markets’ are obviously gambling. But the chairman of the CFTC is encouraging companies to keep offering these bets in violation of court orders,” the senator continued. CFTC Directive CFTC Chairman Michael Selig maintains that prediction markets failing to offer contracts uniformly across all jurisdictions under CFTC oversight infringe upon the core purpose of the Commodity Exchange Act (CEA). Derivatives markets must operate on a uniform basis at a national scale in order to achieve the purposes set out in the Commodity Exchange Act,” said Selig. “Geographic access restrictions are inconsistent with those purposes and the Act’s impartial access requirements.” Selig ordered prediction markets that are restricting certain contracts on a geographical basis to restore trading or submit to the CFTC Division of Market Oversight an explanation within 30 days as to why compliance is not feasible. Cortez Backs Federal Intervention Cortez Masto shares the view of some federal and state courts that sports trades are gambling and that federal commodity law does not supersede state sports-betting statutes. In March, Cortez Masto cosponsored bipartisan legislation to force the CFTC to ban sports prediction market contracts. Along with U.S. Sens. Adam Schiff (D-Calif.) and John Curtis (R-Utah), the Prediction Markets Are Gambling Act would prohibit prediction markets from listing any contracts that resemble a sports bet or casino-style game. “For the entirety of President Trump’s second term, the CFTC has abdicated its responsibility to prevent illegal gaming on prediction markets,” said Cortez Masto. “It’s past time to take the CFTC’s decision-making out of the equation. Event contracts dealing with sports and casino games are nothing more than gambling and fall entirely within the jurisdiction of tribes and states,” Cortez Masto added. The post Nevada Sen. Cortez Masto Slams Trump Family Ties to Prediction Markets appeared first on Casino.org.