Commodity Futures Trading Commission (CFTC) Chairman Mike Selig emphasized that the agency will persist in defending its exclusive right to regulate prediction markets. Selig stated, 'Regardless of the subject, whether sports, politics, or otherwise, if a product is validly offered within a CFTC-regulated exchange, it falls under our regulatory purview.' The CFTC is currently engaged in lawsuits against several states, including Arizona, Illinois, and Connecticut, to establish its authority over prediction markets, which it believes are commodity derivatives markets and thus under federal jurisdiction.