CFTC chair doubles down on defending prediction markets from state suits

Michael Selig said that the US financial regulator had filed an amicus brief against what he called an “onslaught of state-led litigation” against prediction markets.

Michael Selig, who chairs the US Commodity Futures Trading Commission under President Donald Trump, announced the agency would be responding to what he called an “onslaught of state-led litigation” against prediction market platforms.

In a video posted to X on Tuesday, Selig said that the CFTC had filed an amicus brief — also known as a “friend of the court” brief — to “defend its exclusive jurisdiction” in regulating prediction markets, which he equated to derivative markets. The chair warned that any state-level entities challenging the CFTC’s authority over such markets would be met in court.

“Prediction markets aren’t new — the CFTC has regulated these markets for over two decades,” said Selig. “They provide useful functions for society by allowing everyday Americans to hedge commercial risks […] they also serve as an important check on our news media and our information streams.”

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