Commodity Futures Trading Commission Chairman Mike Selig emphasized that the agency will persist in defending its exclusive right to regulate prediction markets. Selig stated that the CFTC's regulatory authority applies to any valid product offered within a CFTC-regulated exchange, regardless of the subject matter. The agency's lawsuits against several states aim to establish its authority over commodity derivatives markets.
Selig noted that a recent court ruling supports the CFTC's position, and the agency will continue to clarify its oversight of prediction markets through formal rulemaking processes.