CFTC Chairman Michael Selig is pushing for limits on state intervention in the forecast market, aiming to prevent state regulations from stifling the industry's growth.
This information was released on May 2nd. Since taking office a few months ago, Selig has quickly moved toward a more "lenient" federal regulatory environment for the prediction market, thereby expanding the participation of American users in forms of betting related to sports results and other activities.
Selig is also described as a long-time interest in sports betting. His office is filled with sporting goods, including Philadelphia Eagles memorabilia.
No further details are currently available regarding the specific scope of the proposal or when the regulatory changes might be implemented.
