The White House is hosting crypto and prediction market CEOs on Wednesday.

President Trump is expected to attend a meeting on Wednesday at 2:30 p.m. ET at the Eisenhower Executive Office Building, next to the West Wing. CFTC Chairman Michael Selig is expected to be there, and an SEC spokesperson confirmed Chairman Paul Atkins will attend as well. Politico first reported the gathering, Bloomberg reported Trump's expected attendance, and Semafor listed invitees including Coinbase, a16z, Kalshi, Paradigm, The Digital Chamber, and Patrick Witt, executive director of the President's Council of Advisers for Digital Assets.

The meeting is a kickoff for the CFTC's Innovation Advisory Committee, which holds its first session on Thursday from 1 to 4 p.m. ET and will be viewable online per its Federal Register notice. Selig named the committee's 35 members in February, among them Polymarket's Shayne Coplan and Kalshi's Tarek Mansour, alongside executives from Cboe, CME, DTCC and Nasdaq. The agenda he released covers three subjects: crypto asset regulation, artificial intelligence, and prediction markets.

That third item is the one to watch. The agenda specifically flags how federal and state authority should divide when it comes to overseeing prediction markets, and recent state litigation and enforcement actions. Selig's position is that the CFTC has exclusive jurisdiction over event contracts, and he has sued several states over their attempts to restrict Kalshi and Polymarket. Baltimore sued both companies last week over sports-related contracts.

Here is the legal reality behind all the choreography. Whether federal derivatives law displaces state gambling law is a preemption question, and preemption gets settled by courts reading a statute or by Congress writing a clearer one. An advisory committee has no power to decide it, and neither does a meeting at the White House. Wednesday and Thursday will produce signals about how the agency intends to act. They will not produce a binding answer.

Sources: The Block, The Bitcoin Act.

Question: should a federal regulator be able to override state gambling law by classifying an event contract as a derivative, or does that call belong to Congress in explicit statutory language? Where you land on this decides whether these products survive the next two years.