President Donald Trump said Tuesday that it was "critically important" for the Commodity Futures Trading Commission to maintain exclusive authority over prediction markets, as states have moved to impose new restrictions on the platforms.

In a social media post, Trump stated that the federal government must retain regulatory control over the multibillion-dollar prediction market industry. He emphasized that the CFTC should have "exclusive authority" over these platforms.

Trump's comments come amid ongoing legal disputes between federal regulators and states that have attempted to ban or regulate prediction markets. Several lawsuits have emerged from these competing regulatory approaches.

The president also indicated support for the cryptocurrency industry more broadly, pledging to protect it and ensure that prediction markets can "thrive" under federal oversight.

Prediction markets allow users to bet on the outcomes of various events, including political elections, and have grown significantly in recent years. The regulatory framework governing these platforms has become a point of contention between federal and state authorities.

The CFTC currently oversees derivatives markets and has asserted jurisdiction over certain prediction market platforms, while some states have sought to implement their own regulatory schemes or outright bans on such betting activities.