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CFTC Chair Says Prediction Market Lawsuits Could Reach Supreme Court
CFTC Chair Michael Selig said the agency has sued regulators in about five to six states over authority over prediction markets. He named Arizona, Connecticut, Illinois, and New York as examples. Michael Selig said conflicting rulings across federal circuit courts could send the dispute to the U.S. Supreme Court. Michael Selig argued that the Commodity Exchange Act gives the CFTC exclusive authority over these event contracts as commodity derivatives.