Commodity Futures Trading Commission Chairman Mike Selig emphasized that the agency will persist in defending its exclusive regulatory authority over prediction markets in court. Selig stated, 'Regardless of the subject, whether it's sports or politics, if a product is validly offered within a CFTC-regulated exchange, we have the authority to regulate it.' The CFTC is currently engaged in litigation against several states, including Arizona, Illinois, and Connecticut, to solidify its authority over commodity derivatives markets.
Selig's comments were made on the sidelines of the Digital Assets and Emerging Tech Policy Summit, where he reiterated the agency's position that states cannot supersede federal oversight with their own gambling laws when it comes to derivatives products.