CFTC Chairman Selig says states want to put prediction market founders in prison.
On November 13, Commodity Futures Trading Commission Chairman Michael Selig called state-level criminal charges “extremely excessive” in an interview with CNBC. He believes these platforms are offering legal products under federal rules. The state-federal dispute over prediction markets has now put company executives’ personal risk in the spotlight.
· Selig’s remarks addressed only the legitimacy of state-level criminal prosecution; the source did not name any platforms involved or specify the charges.
· The basis for his claim that these are “legal products” is the federal regulatory framework; he did not address the states’ position.
Are you more interested in the reasons behind the state prosecutors’ charges, or the CFTC’s jurisdictional claims?
On November 13, Commodity Futures Trading Commission Chairman Michael Selig called state-level criminal charges “extremely excessive” in an interview with CNBC. He believes these platforms are offering legal products under federal rules. The state-federal dispute over prediction markets has now put company executives’ personal risk in the spotlight.
· Selig’s remarks addressed only the legitimacy of state-level criminal prosecution; the source did not name any platforms involved or specify the charges.
· The basis for his claim that these are “legal products” is the federal regulatory framework; he did not address the states’ position.
Are you more interested in the reasons behind the state prosecutors’ charges, or the CFTC’s jurisdictional claims?
