US Senator Warren questions the CFTC's ability to regulate crypto and prediction markets.

CoinFeed reported on June 10th that, according to The Block, U.S. Senator Elizabeth Warren wrote to Commodity Futures Trading Commission (CFTC) Chairman Michael Selig, questioning the agency's ability to assume greater regulatory responsibility for crypto and prediction markets. Warren pointed out that the CFTC has reduced its staff by approximately 25% and enforcement activities have declined significantly, making any expansion of its responsibilities a "disastrous recipe." She criticized the CFTC's handling of cases involving Gemini, Polymarket, and Crypto.com, noting that officials attempting to raise concerns about these companies have been sidelined. Selig, however, insists that prediction markets and event trading contracts fall under the CFTC's "exclusive jurisdiction," and that the agency has even sued several states attempting to ban prediction market platforms.