Mike Selig Reaffirms CFTC’s Exclusive Jurisdiction Over Prediction Markets

CFTC Chair Mike Selig renewed the agency’s claim of exclusive authority over prediction markets in a Friday post, pointing to fraud and manipulation that can cross state borders.

Separately, Selig described prediction-market exchanges as businesses operating across state lines, matching purchase and sale quotes from customers nationwide.

He said Congress authorized the CFTC to enforce uniform standards, monitor for fraud and manipulation, act against those practices and protect customer funds across state lines.

The post restated the agency’s position: Selig tied its jurisdiction claim to fraud and manipulation that can cross state borders, while treating nationwide exchange activity as a separate feature of prediction markets.