Michael Selig summarized his first 100 days overseeing the commodities regulator since being confirmed by the US Senate in December.
Commodity Futures Trading Commission (CFTC) Chair Michael Selig said the agency is prepared to oversee the entire digital asset market even as Congress has yet to pass a market structure bill defining its authority. In a statement about his first 100 days, Selig said the commission was “ready to take responsibility” for the crypto market and reiterated his claim that it is the sole regulator to oversee prediction markets.
His comments come as the US Senate considers the CLARITY Act, a crypto market structure bill effectively stalled in committee amid discussions over stablecoin yield and other issues. “The same regulatory clarity being delivered to the crypto industry is being developed for prediction markets, which can serve as powerful tools for information discovery and are regulated by the CFTC under the Commodity Exchange Act,” Selig said.
Since his confirmation, the CFTC has adopted policies signaling a softer enforcement and regulatory approach to digital assets compared with previous administrations. In March, the agency announced a memorandum of understanding with the Securities and Exchange Commission (SEC) to coordinate on regulation, including digital assets. Although early drafts of the market structure bill suggested it could grant the CFTC additional authority, the SEC is expected to continue regulating cryptocurrencies it deems securities.
Lawmakers pressing CFTC on insider trading claims over prediction markets
US state authorities and federal lawmakers have targeted prediction market platforms like Kalshi and Polymarket over alleged gaming-law violations and claims that politicians used insider information to profit. While many state-level actions remain in court, Selig has asserted that the CFTC has “exclusive jurisdiction” over prediction markets and has threatened legal action against challenges to its authority.
CFTC enforcement director David Miller said the agency’s position is that event contracts on prediction markets are not “gaming” but rather “swaps” falling under its purview. Some lawmakers have proposed legislation to ban elected officials with insider information from profiting from event contracts following suspicious trades tied to military actions involving Iran and Venezuela.
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