‘Stay tuned’: CFTC signals rulemaking push on prediction markets
CFTC Chair Michael Selig announced the agency plans rulemaking and guidance for prediction markets soon.Summary
Commodity Futures Trading Commission (CFTC) Chair Michael Selig indicated that the agency is preparing a significant rulemaking push concerning prediction markets, moving beyond just litigation against states. Speaking at the Milken Institute Future of Finance event, Selig stated the CFTC will issue clear standards for self-certification and evaluation of products in this space. He specifically mentioned plans to release an advanced notice of proposed rulemaking soon to set the stage for more comprehensive rules. This action comes as states like Nevada and Tennessee clash with the CFTC over jurisdiction, with states arguing platforms violate local gambling laws while operators claim exclusive federal regulation under the Commodity Exchange Act. Selig emphasized that prediction markets are an important tool and that the agency is focused on setting clear rules and regulations, urging stakeholders to "stay tuned" for forthcoming guidance.
(Source：The Block)