Commodity Futures Trading Commission (CFTC) Chairman Mike Selig emphasized that the agency will continue to assert its 'exclusive regulatory authority' over prediction markets in court. Selig stated, 'Regardless of the subject, whether sports, politics, or otherwise, if it's a valid product offered within a CFTC-regulated exchange, we have regulatory oversight.' The CFTC is currently engaged in lawsuits against several states to establish its authority over prediction markets, which it believes are subject to federal regulation under the Commodity Exchange Act, rather than state-level gambling laws. Selig highlighted that a recent Third Circuit Court ruling supports the CFTC's position, and the agency is committed to defending its territory in the face of state-level challenges.
