CFTC Chair Mike Selig argues for agency's 'exclusive regulatory authority' in prediction markets fight: State of Crypto

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CFTC Chairman Mike Selig stated the agency will defend its exclusive regulatory authority over prediction markets in court proceedings. Selig emphasized that prediction markets offering derivatives on sports, politics, or other events fall under CFTC jurisdiction when provided on regulated exchanges. The agency has sued Arizona, Illinois, and Connecticut to establish this authority. Selig noted a recent Third Circuit Court ruling supported the CFTC's position. He indicated additional state lawsuits may follow.

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