Utah Senator Calls For Investigation into Trump Jr.’s Prediction Market Business Relationships
By Robert Linnehan in Industry
Published:
- Sen. John Curtis (R-UT) called for an investigation of presidential family relationships for private financial benefit
- Curtis specifically called for a Senate Judiciary Committee to look into Donald Trump Jr.’s relationship to Kalshi and Polymarket
- He also called for the committee to subpoena both Trump Jr. and Hunter Biden to testify regarding their past business dealings
Sen. John Curtis (R-UT) is calling for an investigation into presidential family relationships for business dealings, specifically requesting a probe of Donald Trump Jr.’s “significant financial and advisory ties to prediction market platforms.”
Curtis this week requested an investigation by the Senate Judiciary Committee into the use of presidential family relationships for private financial benefit, preferential treatment, or access by domestic and foreign interests.
As part of the probe, Curtis request the judiciary committee subpoena both Trump Jr. and Hunter Biden to testify regarding their past business dealings, relationships with foreign individuals and entities, gifts or other benefits received, and any instances in which their relationship to the President was invoked or understood to provide value.
Significant Ties to Prediction Markets
Curtis sent a letter to Senate Judiciary Committee Chairman Chuck Grassley (R-IA) and Ranking Member Dick Durbin (D-IL) calling for the investigation. Curtis specifically requested a probe into Biden’s business with foreign interests, including both China and Ukraine, while his father was in public office.
He also requested an investigation into Trump Jr.’s foreign business figures and acceptance of significant gifts, including a “lavish wedding afterparty, on a private island, provided by Russian oligarch Umar Kremlev, who reportedly traveled to China as part of a delegation accompanying Vladimir Putin shortly before giving the gift.”
He also specifically mentioned Trump Jr.’s ties with prediction market companies. Trump Jr. is employed as an advisor for Kalshi and is on the advisory board with Polymarket, the two largest prediction market operators in the U.S.
“These concerns are compounded by Donald Trump Jr.’s active promotion of family-backed cryptocurrency ventures, his continued pursuit of international real estate deals involving direct meetings with foreign heads of state, and his reported investments in defense contracting. This pattern extends to his significant financial and advisory ties to prediction-market platforms that
depend on favorable federal regulatory decisions being considered by the Commodity Futures Trading Commission,” he wrote.
As part of the investigation, Curtis urged the judiciary committee to subpoena both Trump Jr. and Biden to testify regarding these concerns.
President Trump’s Changing Opinions on Prediction Markets
President Donald J. Trump (R) has expressed several differing opinions on prediction markets since April.
Following the arrest of Gannon Ken Van Dyke of North Carolina, a service member in the U.S. army who profited off Polymarket event contracts on Venezuelan President Nicolás Maduro being ousted from office, President Trump was asked his thoughts about insider trading with event contracts on events such as war.
His comments were less than positive about the prediction markets.
“Well, you know, the whole world unfortunately has become somewhat of a casino. You look at what’s going on all over the world, in Europe, and every place they’re doing these betting things. I was never much in favor of it, I don’t like it conceptually. It is what it is. I’m not happy with any of that stuff. They have all these different sites, they have predictive market, it’s a crazy world,” he said.
However, less than a month later Trump changed his opinion on prediction markets and called for their exclusive regulatory control by the Commodity Futures Trading Commission (CFTC).
Trump gave his approval to the markets on Truth Social in the midst of a number of state lawsuits – and one state’s ban of certain prediction market contracts – vying for regulatory control over the financial industry.
“It is critically important that the CFTC’s exclusive authority over Prediction Markets is maintained, and that they will thrive. Under my leadership, we are setting ‘rules of the road’ that are the Gold Standard for the States. We cannot have SCUM like Chris Christie, Letitia James, Tim Walz, and JB Pritzker setting the rules! Other Countries are after this new form of Financial Market, and we want to remain at the top. Likewise, even more importantly, where we are currently the Crypto (Bitcoin, etc.) Capital of the World, other Countries are trying diligently to replace us in that capacity, but we won’t let that happen. It is a major industry, an we must protect it. Mike Selig, CFTC Chairman, and respected by all, is doing a great job. Thank you Mike! President DONALD J. TRUMP.”
Regulatory Writer and Editor
Robert Linnehan covers all regulatory developments in online gambling and sports betting. He specializes in U.S. sports betting news along with casino regulation news as one of the most trusted sources in the country.
