Mike Selig, chair of the U.S. Commodity Futures Trading Commission, said in a post on X that the CFTC has exclusive jurisdiction over prediction markets. He argued that fraud and market manipulation are not confined by state lines, making the markets a federal matter rather than one handled state by state. Selig said prediction market exchanges operate as interstate businesses by matching bids and offers from customers across the United States. He also said Congress has authorized the CFTC to apply a single set of regulatory standards to monitor and combat fraud and manipulation, while protecting customer funds involved in interstate trading. The remarks restate the agency’s position on oversight of prediction market platforms.
Odaily reported that Mike Selig, chair of the U.S. Commodity Futures Trading Commission, said in a post on X that the CFTC has exclusive jurisdiction over prediction markets.
Selig said fraud and market manipulation do not stop at state borders. He said prediction market exchanges operate as interstate businesses, matching bids and offers from customers across the U.S.
He also said Congress has authorized the CFTC to enforce uniform regulatory standards to monitor and combat fraud and market manipulation, and to protect customer funds involved in interstate trading.
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