The Commodity Futures Trading Commission will continue to assert its "exclusive regulatory authority" over prediction markets in court, according to Chairman Mike Selig. In an interview with CoinDesk, Selig stated that the agency's regulatory oversight applies to all validly offered products within CFTC-regulated exchanges, regardless of the underlying event. The CFTC is currently engaged in lawsuits against several states, including Arizona, Illinois, and Connecticut, to establish its authority over prediction markets.
Selig emphasized that the agency's regulatory authority is clear and that states do not have the power to override federal oversight. The CFTC is also in the process of clarifying its oversight of prediction markets through formal rulemaking and is open to suggestions from the public.