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IANSDonald Trump prediction markets Polymarket prediction markets: Donald Trump’s social media platform, Truth Social, is expanding into prediction markets. The Trump Media & Technology Group (TMTG), which owns the platform, announced Tuesday that it will partner with Crypto.com to launch “Truth Predict,” as per a report.Donald Trump Expands Truth Social Into Prediction MarketsTruth Predict will allow users to trade on the outcomes of elections, sports games, and other major events. The move deepens Trump’s and his family’s growing ties to the booming prediction market sector, as per an FT report.Crypto.com Strengthens Ties With Trump MediaCrypto.com, which previously donated $11 million to Trump-related causes, has recently taken steps to expand its US presence. The company said Friday it has applied for a US bank charter, just months after the Securities and Exchange Commission (SEC) closed an investigation into it.ALSO READ: Spirit Halloween insider reveals secret tips: Halloween shopping mistakes you can easily avoid this yearTMTG’s Multibillion-Dollar Cronos Deal Boosts Token ValueEarlier this year, TMTG struck a multibillion-dollar deal to acquire Cronos, the digital tokens issued by Crypto.com, a move that sent Cronos prices soaring, as per the report.Live Events Devin Nunes, head of TMTG said that, “For too long, global elites have closely controlled these markets — with Truth Predict, we’re democratising information and empowering everyday Americans to harness the wisdom of the crowd, turning free speech into actionable foresight,” as quoted by FT.Trump Jr. Takes Key Roles in Prediction Market PlatformsThe partnership comes as Donald Trump Jr. takes a more active role in the industry. He now holds advisory positions at leading prediction market platforms Kalshi and Polymarket, both of which have seen heavy trading in favor of his father’s 2024 election bid, as per the FT report. Trump Jr's venture capital firm, 1789 Capital, has also invested in Polymarket, while Intercontinental Exchange, the owner of the New York Stock Exchange, recently announced plans to invest up to $2 billion in Polymarket, as per the FT report.ALSO READ: Millions could miss SNAP payments, federal paychecks after shutdown vote collapses in CongressTrump Family’s Growing Influence in Prediction TradingThe Trump administration has played a key role in easing regulatory hurdles for the industry. In May, the Commodity Futures Trading Commission (CFTC) dropped its appeal against Kalshi concerning the legality of election markets. Two months later, both the CFTC and the Department of Justice ended their probe into whether Polymarket had illegally accepted bets from US traders, according to the FT report.Polymarket Reenters US Market With $112 Million AcquisitionPolymarket has since taken a major step toward reentering the U.S. market, purchasing a US options exchange for $112 million this summer. The acquisition followed its earlier settlement with regulators that required it to wind down domestic operations.The broader outlook for prediction markets has improved markedly over the past year, partly due to the Trump administration’s more lenient approach. Trading volumes in the sector have surged, with weekly transactions reportedly surpassing $2 billion, the report said.However, the industry still faces significant legal uncertainty. Several companies remain tied up in lawsuits over whether their sports-related prediction contracts violate state gambling laws. Meanwhile, Crypto.com has paused some operations in Nevada amid an ongoing legal challenge, as per the FT report.FAQsWhat is Truth Predict?Truth Predict is a new feature on Trump’s Truth Social that lets users trade on real-world event outcomes like elections and sports.How big is the prediction market industry now?Weekly trading volumes have crossed $2 billion, showing rapid growth and investor enthusiasm.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onPolymarket prediction marketsPolymarketDonald Trump prediction marketshow to use Truth Predict on Truth SocialDonald Trump Jr investment in prediction marketsTrump family business ventures in cryptocryptocurrency prediction trading platformsTruth Social crypto integrationCrypto.com Trump partnershipUS prediction market regulations (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onPolymarket prediction marketsPolymarketDonald Trump prediction marketshow to use Truth Predict on Truth SocialDonald Trump Jr investment in prediction marketsTrump family business ventures in cryptocryptocurrency prediction trading platformsTruth Social crypto integrationCrypto.com Trump partnershipUS prediction market regulations(Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless
