Commodity Futures Trading Commission Chairman Mike Selig stated that the agency will persist in defending its exclusive right to regulate prediction markets. Selig noted that the CFTC's authority applies regardless of the subject of the prediction, be it sports or politics, as long as the product is offered within a CFTC-regulated exchange.
The chairman's comments come as the CFTC engages in lawsuits against several states to establish its regulatory dominance in commodity derivatives markets.