Commodity Futures Trading Commission Chairman Mike Selig emphasized that his agency will persist in defending its sole regulatory authority over prediction markets. Selig noted that any product offered within a CFTC-regulated exchange falls under the agency's oversight, regardless of the subject matter. The CFTC is currently engaged in lawsuits against several states to establish its authority over commodity derivatives markets. Selig pointed out that a recent court ruling supports the agency's position, and he emphasized that the CFTC has the exclusive right to regulate swaps on federally regulated markets.
He also highlighted that the agency is open to suggestions on the formal rulemaking process for clarifying its oversight of prediction markets and is reviewing comments on its interpretative guidance with the Securities and Exchange Commission.