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CFTC Chair Defends Prediction Markets Amid Legal Battles

4/13/2026

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Summary

Story summary

Michael Selig, Chair of the Commodity Futures Trading Commission (CFTC), argues prediction markets are financial exchanges, not gambling.
This stance has sparked conflict with state officials and lawmakers, including potential 2028 presidential candidates.
The CFTC has sued several states to block their regulation of prediction markets, while critics like Senator Jeff Merkley warn of a 'massive gambling casino'.

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Story summary

Michael Selig, Chair of the Commodity Futures Trading Commission (CFTC), argues prediction markets are financial exchanges, not gambling.
This stance has sparked conflict with state officials and lawmakers, including potential 2028 presidential candidates.
The CFTC has sued several states to block their regulation of prediction markets, while critics like Senator Jeff Merkley warn of a 'massive gambling casino'.