CFTC Chair Seeks to Curb State-Level Actions Against Prediction Markets

BlockBeats reported May 2 that CFTC Chairman Michael Selig is pushing to rein in state-level enforcement efforts targeting prediction markets, arguing that a patchwork of state rules could slow the sector's growth. Since taking office several months ago, Selig has worked to ease the federal regulatory posture, aiming to allow more U.S. users to trade contracts tied to the outcomes of sporting events and other events. Selig has stepped up public support for prediction markets over the past year. In February, he issued a statement warning that the agency could take legal action against states that try to interfere with oversight. In March, the CFTC released compliance guidance and sought feedback from market participants. This month, Selig said pushing prediction markets offshore would risk a repeat of an FTX-style collapse.