CFTC Chair begins to restrict state enforcement interventions against prediction markets

BlockBeats News, May 2nd, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Michael Selig, is working to restrict state enforcement interventions against prediction markets to prevent state-level regulatory measures from hindering industry development. Michael Selig has been attempting to create a more relaxed federal regulatory environment for prediction markets since taking office several months ago, allowing more American users to participate in trading of sports and other event outcomes. Over the past year, Selig has consistently supported prediction market platforms—warning in February that he would prosecute state governments attempting to interfere with regulation, releasing compliance guidelines and soliciting industry opinions in March, and this month stating that if prediction markets are driven offshore, it could lead to a collapse similar to FTX.