President Trump took to Truth Social on Tuesday to defend the cryptocurrency industry and the Commodity Futures Trading Commission’s authority over prediction markets, as a fierce jurisdictional battle plays out in Washington and statehouses across the country.

Trump’s crypto pledge

In his post, Trump framed the issue as a matter of global competition, writing:

“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.”

He also stressed the regulatory stakes, stating:

“It is critically important that the CFTC’s exclusive authority over Prediction Markets is maintained, and…