CFTC chair tells Congress agency regularly rejects self-certified contracts
CFTC Chair Michael Selig told the House Agriculture Committee that the agency regularly rejects self-certified contracts, but gave no count. He also did not provide a figure for ongoing prediction-market investigations, saying their number could be in the hundreds or thousands; lawmakers questioned how prediction-market event contracts differ from state-regulated sports betting.
The hearing addressed the CFTC’s oversight of prediction markets and the distinction between event contracts and state-regulated sports betting.