According to Commodity Futures Trading Commission Chairman Mike Selig, the agency will persist in defending its exclusive regulatory authority over prediction markets in court. Selig stated, 'Regardless of whether it involves sports, politics, or any other subject, if a product is lawfully offered within a CFTC-regulated exchange, we have the authority to regulate it.' The Commodity Futures Trading Commission is currently engaged in a significant litigation effort to establish that prediction markets provide derivatives products under the Commodity Exchange Act, rather than gambling services regulated by individual states. Under the leadership of Selig, the CFTC has taken a strong stance, arguing that the statute clearly indicates federal regulation applies when a swap is offered on a federally regulated Designated Contract Market.