SEC Chairman: Regulators Should Focus on Prediction Markets

Paul Atkins, chairman of the U.S. Securities and Exchange Commission (SEC), testified before the Senate Banking Committee and said that prediction markets are a critical issue for regulators. According to The Block, when asked about prediction markets, Atkins said, "Both myself and CFTC Chairman Michael Selig are focused on this issue." He added, "Prediction markets are one area where jurisdictions can overlap. However, prediction markets are largely under the CFTC's jurisdiction, and the nuances of what constitutes a prediction market versus a commodity come down to terminology." He added, "The SEC and CFTC meet once a week."