2/19/26: Saagar Rips Trump Degeneracy, Dem Voter Revolt, Trump Voters Rail On AI
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This is an iHeart podcast, guaranteed human. Hey guys, Sagar and Crystal here.
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We need your help to build the future of independent news media, and we hope to see you at BreakingPoints.com. There's a lot going on in the world. You might have missed this. The Trump administration is currently going to bat for the prediction markets masquerading as sports gambling companies to nationalize sports gambling to dramatically enrich not only the Trump family themselves, but also all of the most degenerate executives in the United States. So I want to go ahead and give a major shout out here to the chairman of the CFTC, the Commodities Future Trading Commission, which is responsible for regulating prediction markets. Wu, by the way, is actually a former crypto executive and is now actually trying to preempt any state efforts to rein in prediction markets, backdoor sports gambling across the nation, violating state sovereignty and their ability to regulate sports gambling internally.
Here's the chairman of the CFTC, Mike Selig. Let's take a listen to what he had to say.
CFTC Chairman Mike Selig here. Over the past year, American prediction markets have been hit with an onslaught of state-led litigation. In response, the CFTC has today filed a friend of the court brief to defend its exclusive jurisdiction over these derivative markets. Today, the CFTC is taking an important step to ensure that these markets have a place here in America and have the integrity and resilience and vibrancy that our derivatives markets deserve. To those who seek to challenge our authority in this space, let me be clear. We will see you in court.
So what he is saying there is that states do not have the right to regulate sports gambling, which goes directly against the Supreme Court decision. Now, let me also explain, because if you listen to that, you're like, oh, well, he's talking about derivative markets and financial markets. No, that's not what this is about literally at all. I don't get to that here in a second. Let's put up here Governor Spencer Cox of Utah's response here. He says, Mike, I appreciate you attempting this with a straight face, but I don't remember the CFTC having authority over the derivative market of LeBron James rebounds. These prediction markets you are breathlessly defending are gambling pure and simple. They are destroying the lives of families and countless Americans, especially young men.
They have no place in Utah. Let me be clear. I will use every resource within my disposal as governor of the sovereign state of Utah and under the Constitution of the United States to beat you in court. So that is a Republican governor. And this very much, Crystal, resembles what happened with AI. You have these companies. You have CalSheet. You have PolyMarket. Now you have DraftKings, FanDuel, all the gambling companies rushing to get into the prediction market space.
What are the implications of Trump's administration on prediction markets?
And let me explain this very clearly. Sports gambling, as you all know, which I am massively against, the Fan Duels and the DraftKings, they are more tightly regulated than these prediction markets. What the prediction markets are arguing is that because they are explicitly not gambling, that they are legalized in all 50 states. And as we have also seen, go take a look at DraftKings stock and FanDuel stock. They're down 40%, 50%. The reason why is they're bleeding money to these prediction markets. Vegas actually handled way less money for the Super Bowl this year than they did the year before. Why? Gambling is a loser-take-all market.
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4 identifiedMore from Breaking Points with Krystal and Saagar
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