CFTC chair defends federal authority over prediction markets
CFTC chair Michael Selig argued that federal oversight covers prediction markets and that state regulators are exceeding their authority, according to reports. He described event contracts as commodity derivatives and defended the CFTC's role in maintaining market integrity. His comments come as state challenges over sports event contracts continue in courts.
The federal-state jurisdiction dispute may shape how prediction-market platforms offer sports event contracts across states.