CFTC Chair Michael Selig just drew a line in the sand on prediction markets.
The claim? CFTC has exclusive jurisdiction because these platforms match bids/offers across state lines. Congress gave them the mandate to police fraud in these markets.
This matters for:
• Polymarket and other prediction market platforms operating in the US
• Future regulatory clarity (or lack thereof) for decentralized prediction protocols
• How crypto-native betting/forecasting markets will be treated going forward
The regulatory turf war continues. If you're building or using prediction markets, this is your wake-up call to understand the compliance landscape.
The claim? CFTC has exclusive jurisdiction because these platforms match bids/offers across state lines. Congress gave them the mandate to police fraud in these markets.
This matters for:
• Polymarket and other prediction market platforms operating in the US
• Future regulatory clarity (or lack thereof) for decentralized prediction protocols
• How crypto-native betting/forecasting markets will be treated going forward
The regulatory turf war continues. If you're building or using prediction markets, this is your wake-up call to understand the compliance landscape.