Commodity Futures Trading Commission (CFTC) Chairman Mike Selig emphasized that the agency will continue to defend its sole regulatory authority over prediction markets in court, stating that any product offered within a CFTC-regulated exchange falls under federal regulation, regardless of the subject matter. The CFTC's lawsuits against several states aim to solidify its authority over commodity derivatives markets. Selig pointed out that a recent Third Circuit Court ruling supports the agency's position, and under the Commodity Exchange Act, transactions on federally regulated markets are subject to federal oversight, not state gambling laws.
