CFTC Chairman Mike Selig emphasized that the agency will continue to assert its exclusive regulatory authority over prediction markets in court, stating that any valid product offered within a CFTC-regulated exchange falls under federal regulation, regardless of the subject matter. The agency's lawsuits against Arizona, Illinois, and Connecticut aim to establish its authority over commodity derivatives markets. Selig noted that a recent Third Circuit Court ruling supports the CFTC's position, and the agency will pursue further litigation to clarify its oversight of prediction markets. The CFTC is also engaged in a formal rulemaking process to define its regulatory framework for these markets.