CFTC Chairman Emphasizes Exclusive Regulatory Authority Over Prediction Markets

Odaily News: At the Vanderbilt University Digital Asset Summit, Mike Selig, Chairman of the Commodity Futures Trading Commission (CFTC), stated that the CFTC will continue to defend its exclusive regulatory authority over prediction markets in court. Mike Selig pointed out that whether involving sports, politics, or other fields, any product legally offered on exchanges regulated by the CFTC falls within the agency's regulatory purview. States do not have the authority to intervene by substituting gambling laws for derivatives laws. Mike Selig emphasized that, according to the Dodd-Frank Act, the CFTC has the authority to determine whether related products are contrary to the public interest and is currently clarifying its regulation of prediction markets through formal legislative procedures. Additionally, the CFTC and the SEC issued a final interpretive guide last month, establishing a classification system to ensure clear delineation of responsibilities and authorities when handling assets such as tokenized securities.