CFTC Chair Michael Selig Says He Would Take Event Contract Fight to Supreme Court

CFTC Chair Michael Selig said the agency has exclusive jurisdiction over event contracts and would take a dispute over that authority to the Supreme Court if necessary, staking out a federal position in conflicts with state gambling enforcement. He also said the CFTC would work to stop states from bringing unlicensed-gambling cases against exchanges regulated by the agency.

Selig described a proposed federal framework for crypto platforms. Major exchanges already registered with the CFTC to offer derivatives such as perpetual contracts could add spot trading under the new rules, he said. Some firms entering the market have sought CFTC registration to avoid applying for licenses in all 50 states.

The framework would make registration voluntary for exchanges that do not offer margin, leverage or financing. Selig has also backed a federal registration route for crypto platforms.