Nevada senator accuses Trump family of profiting from trade order

Democratic Senator Catherine Cortez Masto of Nevada said Monday that CFTC Chairman Michael Selig's geofencing directive was designed to generate profits for President Trump's family, pointing to Donald Trump Jr.'s advisory roles and equity stakes at both Kalshi and Polymarket.

"The Trump family is heavily invested in prediction market platforms," Masto wrote on X. "This move to undermine tribal and state sovereignty is intended to create profits for the president's family."

The CFTC's interpretation of Regulation 38.151(b), issued last week, requires designated contract markets to provide impartial access to all U.S. traders, complicating compliance for operators already under court orders restricting activity in Michigan, Nevada, and Washington.

Trump Jr.'s venture firm, 1789 Capital, led funding rounds into Polymarket. He holds equity positions in both platforms and serves as a strategic advisor to Kalshi.

Separately, Nevada's outside counsel Nicole Saharsky of Mayer Brown has sought a Supreme Court extension in the Crypto.com case, moving the response deadline from November 16 to December 7. Gaming attorney Daniel Wallach has suggested Nevada may seek to consolidate the Crypto.com and Kalshi-New Jersey cases for a single set of oral arguments, with Saharsky arguing both.