CFTC chair Selig says prediction markets are financial products, not gambling
CFTC chairman Michael Selig said prediction markets offer financial instruments rather than gambling, arguing that the commission has authority over permit-holding providers. His comments followed a Michigan judge’s order requiring Kalshi to stop offering sports-related contracts temporarily or face a $120,000-per-day fine; Kalshi said it would comply while challenging the order in court.
Selig’s position signals a continuing jurisdictional dispute over state gambling rules and prediction-market contracts.