CNN’s Abby Phillip Calls Out Trump Entering Betting Market: ‘Insider Trading By Another Name’
CNN’s Abby Phillip called out President Donald Trump entering the betting market for sports and politics as “insider trading by another name.”
On Saturday’s Table for Five, the table debated Trump’s social media company, Trump Media and Technology Group, jumping into the prediction betting marketplace. TMTG is partnering with Crypto.com on the system, which they will soon be beta testing. Users will be able to bet on both sports and politics.
“Now, what could possibly go wrong with a betting market on elections run by the son of the sitting United States president who is the leader of one of the major political parties?” Phillip asked.
Democratic strategist Trip Yang red flagged the betting on politics, arguing he and others could profit off campaigns they work on or manipulate those campaigns for profit.
Yang argued:
To monetize so explicitly, there’s something wrong with that. Of course, I’ll say this as well, there has to be some type of regulation, maybe it’s from the SEC on political gambling because right now, my understanding — it’s a problem with the Trump family in specifics and a problem, I would say, with the political market in general. Because right know, theoretically, if I were, you know, as a Democratic strategist, to work on a congressional campaign, I could bet on that campaign and profit from it. This is wrong.
“It is insider trading by another name,” Phillip added. “But it’s — now we’re creating, I mean, the layers of problems here, again, you’re right, the specifics of the Trump family is one thing, but it is also a broader problem. But also the specifics of the Trump Family are really problematic.”
The new prediction market from TMTG will be called Truth Predict. Trump Media CEO Devin Nunes claimed in a statement the move is being made because “global elites” control the prediction betting markets.
“For too long, global elites have closely controlled these markets — with Truth Predict, we’re democratizing information and empowering everyday Americans to harness the wisdom of the crowd, turning free speech into actionable foresight,” he said.
Watch above CNN.
