Photographer: Ting Shen/BloombergWall Street’s main derivatives regulator will write new rules for the multi-billion dollar prediction markets industry, the head of the Commodity Futures Trading Commission said Thursday. “It is time for clear rules and a clear understanding that the CFTC supports lawful innovation in these markets,” Chairman Michael Selig said in prepared remarks. The family of President Donald Trump has also entered the space. His son, Donald Trump Jr., became an advisor to both Kalshi and Polymarket, and Trump Media & Technology Group Corp. announced its own marketplace. Spokespeople for Polymarket, Kalshi, Trump Media & Technology Group Corp. and Donald Trump Jr. didn’t immediately respond to requests for comment about the rulemaking.