The Commodity Futures Trading Commission will persist in defending its exclusive right to regulate prediction markets, according to Chairman Mike Selig. In an interview with CoinDesk, Selig stated, 'Regardless of the subject, whether it's sports or politics, if the product is validly offered within a CFTC-regulated exchange, we have the authority to regulate it.' The CFTC is currently engaged in lawsuits against several states, including Arizona, Illinois, and Connecticut, to assert its regulatory authority over commodity derivatives markets. Selig's comments come after a recent Third Circuit Court ruling that supports the CFTC's oversight of prediction markets. The agency is also in the process of clarifying its regulatory framework for prediction markets through formal rulemaking.