CFTC Chair Mike Selig has asserted that the Commodity Futures Trading Commission has exclusive federal jurisdiction over U.S. prediction markets, countering legal challenges from states like Nevada and New York that argue these platforms, such as Polymarket and Kalshi, violate state laws governing sports betting. In a recent video statement, Selig emphasized the CFTC’s role as the primary regulator of these markets, which have functioned for over two decades to help Americans hedge risks and provide checks on information flow. This declaration follows a shift in the CFTC’s stance on political betting after the Trump administration’s overhaul, marking a pivot towards supporting innovation in event contracts.
CFTC Chair Mike Selig asserts exclusive jurisdiction over prediction markets
