Svmuu reports that TD Cowen stated President Trump’s public support for the CFTC’s stance on regulating prediction markets is unlikely to alter the legal debate surrounding event contracts. TD Cowen Managing Director Jaret Seiberg noted that the matter is now in federal court and cannot be decided by regulatory agencies or the executive branch. He still believes the Supreme Court will ultimately rule on whether Congress, in creating event contracts, preempts state sports betting laws. He added that states still hold the advantage in this debate, and litigation may take two years or more. Seiberg also pointed out that Trump’s post was more about defending CFTC Chairman Selig following a New York Times investigative report, rather than a substantive policy change. (TheBlock)