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CFTC Chair Defends Prediction Markets Amid Controversy

2/19/2026

Summary

Selig Advocates Markets

CFTC Chair Mike Selig defends prediction markets and asserts federal jurisdiction over platforms such as Polymarket and Kalshi.
Selig argues these markets hedge risks and improve information accuracy.
Utah Governor Spencer Cox and U.S. Senator Elizabeth Warren criticize Selig, labeling prediction markets as gambling that harms families.
Selig's recent legal actions, including a brief supporting Crypto.com, signal an escalation with implications for the U.S. prediction market future.

History

Historical Context

The Commodity Futures Modernization Act of 2000 legalized certain derivatives, influencing markets like prediction platforms. The CFTC, led by Chair Mike Selig, now regulates platforms such as Polymarket, which faces criticism from figures like Senator Elizabeth Warren for potential gambling risks. This ongoing debate highlights the historical struggle between financial regulation and innovation, shaping the future of prediction markets in the U.S. economy.

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Selig Advocates Markets

CFTC Chair Mike Selig defends prediction markets and asserts federal jurisdiction over platforms such as Polymarket and Kalshi.
Selig argues these markets hedge risks and improve information accuracy.
Utah Governor Spencer Cox and U.S. Senator Elizabeth Warren criticize Selig, labeling prediction markets as gambling that harms families.
Selig's recent legal actions, including a brief supporting Crypto.com, signal an escalation with implications for the U.S. prediction market future.

1 / 2