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