'See You in Court': CFTC Chair Defends Jurisdiction as States Fight Prediction Markets
CFTC Chairman Michael Selig asserted the agency’s exclusive jurisdiction over prediction markets, warning states challenging this authority that legal action will follow. Multiple states have attempted to halt prediction market operators, claiming violations of gambling laws, resulting in lawsuits from both regulators and market participants. Selig criticized these moves as “legal attacks” and reaffirmed that the CFTC alone, per Congressional mandate, oversees commodity derivatives transactions. The CFTC filed a supporting brief for Crypto.com in a related legal case. Meanwhile, the SEC has hinted it might have some claim over the sector, but Selig maintained that weakening CFTC authority endangers market integrity. Coinbase’s Chief Legal Officer publicly supported Selig’s strong stance on regulatory exclusivity.
