The Commodity Futures Trading Commission will persist in defending its sole regulatory authority over prediction markets in court, according to Chairman Mike Selig. In an interview with CoinDesk, Selig emphasized that regardless of the subject of the prediction, whether sports, politics, or otherwise, if it is a valid product offered within a CFTC-regulated exchange, it falls under the agency's regulatory purview.
The CFTC's lawsuits against several states aim to establish this authority clearly, with Selig noting that states cannot override federal oversight with their own gambling laws when derivatives are involved.