CFTC Chairman: CFTC will continue to defend its "exclusive regulatory authority" over prediction markets in court.

CoinFeed reported on April 13th, citing CoinDesk, that Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated in an interview that the agency will continue to defend its "exclusive regulatory authority" over prediction markets in court. Selig pointed out that regardless of whether the product is based on sports, politics, or other events, as long as it is legally offered on exchanges regulated by the CFTC, it falls under CFTC regulation. He asserted that states have no right to replace federal regulation of derivatives laws with gambling laws. The CFTC has already filed lawsuits against Arizona, Illinois, and Connecticut to solidify its regulatory authority. Selig stated that the recent ruling by the Third Circuit Court of Appeals that the CFTC must regulate prediction markets reinforces the agency's position. He also pointed out that under the Dodd-Frank Act, the CFTC has the authority to determine whether a product is in the public interest, which is the core of the lawsuit.