The White House has launched a review of the CFTC's work on developing prediction market rules.

CoinFeed reported on May 28th that, according to The Block, the Office of Information and Regulatory Affairs (OIRA) under the White House Office of Management and Budget stated on its website on Tuesday that it has received a proposed rule on prediction markets from the Commodity Futures Trading Commission (CFTC) and is currently reviewing it. A CFTC spokesperson stated that more information will be released after the OIRA review is completed. CFTC Chairman Michael Selig has consistently argued that prediction markets fall under his agency's "exclusive jurisdiction" and has filed lawsuits against five states: Wisconsin, Illinois, Arizona, Connecticut, and New York. President Trump publicly supported Selig on Tuesday, stating that the CFTC's exclusive jurisdiction over prediction markets is "crucial."