ChainCatcher message: CFTC Chair Selig said in a social media post that Congress has granted the CFTC exclusive regulatory authority over prediction markets. Not only will the CFTC defend its jurisdiction, oppose efforts by states to repeal federal law, and apply state anti-betting (anti-gaming) rules to designated contract markets (DCMs), it will also exercise this power by establishing clear rules for these markets.
Selig said that the CFTC will actively maintain a unified regulatory framework at the federal level, ensuring that prediction markets operate along clear compliance pathways and avoiding disruptions to DCMs regulated at the federal level from state-level anti-betting rules.
Selig said that the CFTC will actively maintain a unified regulatory framework at the federal level, ensuring that prediction markets operate along clear compliance pathways and avoiding disruptions to DCMs regulated at the federal level from state-level anti-betting rules.