According to Commodity Futures Trading Commission Chairman Mike Selig, the agency will persist in defending its exclusive right to regulate prediction markets. He stressed that the type of event being predicted is irrelevant, as long as the product is offered within a CFTC-regulated exchange, it falls under the agency's purview. The CFTC is currently engaged in lawsuits against several states to establish its authority over these markets, with Selig citing a recent court ruling in support of the agency's position. The commission is working to clarify its oversight of prediction markets through a formal rulemaking process and is open to suggestions on how to evaluate this process.