Commodity Futures Trading Commission Chairman Mike Selig emphasized that the agency will persist in defending its sole regulatory authority over prediction markets in court. According to Selig, the agency's regulatory purview encompasses any product offered within a CFTC-regulated exchange, regardless of the underlying event. The chairman's remarks come as the CFTC engages in litigation against several states, seeking to establish its authority over prediction markets.
A recent Third Circuit Court ruling has bolstered the agency's position, and Selig indicated that the CFTC will continue to pursue legal action to protect its regulatory territory.