The Commodity Futures Trading Commission will persist in its defense of exclusive regulatory authority over prediction markets, according to Chairman Mike Selig. In a statement to CoinDesk, Selig emphasized that the agency's oversight applies to all valid products offered within CFTC-regulated exchanges, regardless of the subject matter. The CFTC is currently engaged in lawsuits against several states, including Arizona, Illinois, and Connecticut, to establish its authority in this area. Selig's comments come after a recent Third Circuit Court ruling that supported the CFTC's role in overseeing prediction markets.
The agency is also undertaking a formal rulemaking process to clarify its stance on prediction markets and is open to feedback on this process.