US CFTC Chair Reaffirms Exclusive Jurisdiction Over Prediction Markets

Odaily reports: US Commodity Futures Trading Commission (CFTC) Chair Mike Selig posted on X, reaffirming that the CFTC has exclusive jurisdiction over prediction markets, because fraud and market manipulation are not confined by state borders.

Selig stated that prediction market exchanges are interstate businesses that match buy and sell quotes from customers across the United States. The US Congress has authorized the CFTC to implement uniform regulatory standards to monitor and combat fraud and market manipulation, and to provide protection for customer funds in interstate transactions.