According to a Bloomberg report, Techub News reports that Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that the agency will develop new rules for the prediction market industry, while withdrawing a 2024 proposal to ban sports and political prediction contracts, as well as a 2025 staff-issued warning document regarding sports-related contracts. Selig emphasized that the CFTC will support legitimate innovation in the market and reaffirm its exclusive jurisdiction over commodity derivatives. Selig also stated that the CFTC will work with the SEC to develop cryptocurrency rules, while also supporting the digital asset legislation currently being pursued by Congress. He noted that while regulators can issue rules, formal legislation remains necessary.
US CFTC Chairman: New rules to be developed for the prediction market industry
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