U.S. CFTC Chair: Court ruling today affirms CFTC's exclusive regulatory authority over designated contract market trading

ME News Report, April 6 (UTC+8), the Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Mike Selig, posted on the X platform that the Third Circuit Court of Appeals today reaffirmed Congress’s legislative intent, confirming that the CFTC has exclusive regulatory authority over designated contract markets (DCMs), and dismissed New Jersey’s gambling regulatory agency’s attempt to challenge that authority. Mike Selig also previously pointed out that federal law clearly states that derivatives markets are regulated by the U.S. Commodity Futures Trading Commission, whether it involves sports, politics, or oil prices. Under the federal regulatory framework, the CFTC has explicit jurisdiction to oversee prediction markets and is obligated to defend the regulations. (Source: ODAILY)