Commodity Futures Trading Commission Chairman Mike Selig emphasized that the agency will continue to assert its 'exclusive regulatory authority' over prediction markets in court, stating that any valid product offered within a CFTC-regulated exchange falls under federal regulation, regardless of the subject matter. The CFTC is currently engaged in lawsuits against several states, including Arizona, Illinois, and Connecticut, to establish its authority over commodity derivatives markets. Selig cited a recent Third Circuit Court ruling in support of the agency's position, which he believes clearly indicates that the CFTC has sole regulatory authority in this area. The agency is also in the process of clarifying its oversight of prediction markets through formal rulemaking and is open to suggestions on the matter.