CFTC Chair begins to restrict state enforcement interventions against prediction markets

Mars Finance News, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Michael Selig, is working to limit state enforcement interventions against prediction markets to prevent state-level regulations from hindering industry development. Since taking office several months ago, Michael Selig has been trying to create a more relaxed federal regulatory environment for prediction markets, allowing more U.S. users to participate in trading sports and other event outcomes. Over the past year, Selig has consistently supported prediction market platforms—warning in February that he would sue state governments attempting to interfere with regulation, releasing compliance guidelines and publicly 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.