According to ChainCatcher, Michael Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), is working to limit state enforcement intervention in prediction markets in order to prevent state-level regulations from hindering the industry's development.
Since taking office several months ago, Michael Selig has been trying to create a more relaxed federal regulatory environment for prediction markets, enabling more U.S. users to participate in trading the outcomes of sporting events and other events. Selig has consistently championed prediction markets over the past year—in February, he warned of lawsuits against state governments attempting to interfere with regulation; in March, he released compliance guidelines and publicly solicited industry opinions; and this month, he stated that forcing prediction markets offshore would lead to a repeat of the FTX-style collapse.
