Trump’s Truth Social to Launch Polymarket Rival
▼ Summary
– Truth Social is launching a cryptocurrency-based gambling service called Truth Predict, allowing users to place crypto bets on events like sports and politics.
– The service is operated by Trump Media & Technology Group and is entering a market dominated by competitors like Polymarket and Kalshi.
– Truth Predict aims to democratize information by using prediction markets as an alternative to traditional polling, according to CEO Devin Nunes.
– Polymarket is planning a return to the US after regulators ended an investigation and dropped charges, following a settlement that had forced it to leave.
– Under the Trump administration, regulators have eased enforcement against crypto companies, facilitating Polymarket’s comeback and the launch of Truth Predict.
Truth Social, the social media network largely controlled by former President Donald Trump and his family, is preparing to introduce a cryptocurrency-powered prediction market service named Truth Predict. This new venture will go head-to-head with established platforms like Polymarket, enabling users to wager digital assets on everything from election results and economic indicators to entertainment and sports outcomes. Operated by the publicly listed Trump Media & Technology Group, the service aims to tap into the growing popularity of prediction markets.
Truth Predict will present users with straightforward yes-or-no questions on upcoming events. Examples could include whether a specific sports team will win a championship or if a new music release will happen by a certain date. These markets are often promoted as a more accurate reflection of public sentiment than conventional polls, offering what supporters call a real-time gauge of collective opinion.
Devin Nunes, CEO of TMTG, emphasized the platform’s mission in a recent announcement. He stated that Truth Predict is designed to democratize information and allow ordinary citizens to benefit from collective intelligence, framing it as a way to transform free expression into practical insight.
The service is being rolled out in collaboration with an affiliate of the cryptocurrency exchange Crypto.com. It enters a competitive arena where Polymarket and Kalshi currently hold leading positions, both having secured funding at valuations reaching into the billions.
Truth Predict’s debut coincides with Polymarket’s planned return to the United States market. The company had exited the U.S. in 2022 following a settlement with the Commodity Futures Trading Commission, which had accused it of running an unlicensed derivatives exchange. As part of that agreement, Polymarket agreed to stop accepting bets from U.S. users.
In a notable incident during November 2024, FBI agents searched the home of Polymarket’s CEO, Shayne Coplan. The action was part of a Justice Department inquiry into whether the platform had continued servicing American customers against the terms of the settlement. Coplan was not arrested or faced with criminal charges at that time.
The regulatory environment shifted after President Trump resumed office earlier this year. Under the current administration, financial regulators have pulled back from several high-profile enforcement actions targeting cryptocurrency firms. Federal prosecutors have also been directed to overlook certain types of crypto-related offenses, signaling a more permissive stance.
This changed atmosphere paved the way for Polymarket’s legal clearance. In July, Bloomberg reported that the Justice Department had closed its investigation without filing any charges, effectively removing the main obstacle to the platform’s U.S. relaunch.
(Source: Wired)