CFTC Chairman Moves to Limit State Enforcement Actions Against Prediction Markets

BlockBeats News, May 2nd, Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), is moving to restrict state enforcement intervention in the prediction markets to prevent state-level regulatory actions from hindering industry development. Since taking office several months ago, Michael Selig has been trying to create a more relaxed federal regulatory environment for prediction markets, allowing more U.S. users to participate in trading on sports events and other outcomes. Over the past year, Selig has consistently supported prediction markets—issuing a warning in February that he would sue any state government trying to interfere with regulation, releasing compliance guidelines and soliciting industry feedback in March, and this month stating that if prediction markets were forced offshore, it would be a repeat of the FTX-style collapse.