PANews reported on May 28th that, according to The Block, TD Cowen stated that President Trump's public support for the CFTC's jurisdiction over prediction markets is unlikely to change the legal debate surrounding event contracts. TD Cowen Managing Director Jaret Seiberg pointed out that the matter is now in federal court, and cannot be decided by regulators or the executive branch. He still believes the Supreme Court will ultimately rule on whether Congress takes precedence over state sports betting laws when establishing event contracts, and that states still hold the upper hand in this debate; the litigation could take two years or more. Seiberg also noted that Trump's post was more about defending CFTC Chairman Selig following a New York Times investigation than about substantively changing policy.