CFTC Chair Selig said in a social media post that Congress has granted the Commodity Futures Trading Commission exclusive regulatory authority over prediction markets. She said the agency will defend that jurisdiction and push back against state efforts to override federal law or apply state anti-gambling rules to designated contract markets, or DCMs. Selig also said the CFTC plans to exercise that authority by building clear rules for these markets. According to her statement, the agency wants to preserve a unified federal regulatory framework so prediction markets can operate with a defined compliance path. The remarks center on the CFTC’s view that federally regulated DCMs should not be disrupted by state-level anti-gambling measures.
According to ChainCatcher, CFTC Chair Selig said in a social media post that Congress has given the agency exclusive authority to regulate prediction markets.
Selig said the CFTC will defend its jurisdiction, oppose attempts by states to nullify federal law, and push back against efforts to apply state anti-gambling laws to designated contract markets, or DCMs.
She also said the agency will exercise that authority by establishing clear rules for these markets. In her statement, Selig said the CFTC will work to preserve a unified federal regulatory framework, with the goal of keeping prediction markets on a clear compliance path and preventing state-level anti-gambling rules from disrupting federally regulated DCMs.
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