U.S. CFTC chairman: ‘Prediction markets fall under federal jurisdiction, not states’…signals legal action
Summary
- Michael Selick, chairman of the U.S. Commodity Futures Trading Commission (CFTC), said prediction-market platforms such as Polymarket and Kalshi fall under the CFTC’s jurisdiction, signaling legal action.
- Selick said the CFTC has regulated this market for more than 20 years and that jurisdiction over prediction markets rests with the federal agency CFTC, adding that he submitted a legal brief to the court to support the claim.
- With some states—including Nevada, Massachusetts and New York—filing suits alleging prediction-market platforms violated state sports-betting laws, the report said a legal showdown over jurisdiction between federal and state authorities could intensify.
Forecast Trend Report by Period
Michael Selick, chairman of the U.S. Commodity Futures Trading Commission (CFTC), said the agency—not state governments—has jurisdiction over prediction-market platforms such as Polymarket and Kalshi, signaling possible legal action.
According to crypto-focused outlet CoinDesk on the 17th (local time), Selick said in a video posted on X (formerly Twitter), “To those who seek to challenge our authority in this space, let me be clear,” adding, “We will see you in court. The CFTC has regulated this market for more than 20 years.”
He said jurisdiction over prediction markets lies with the federal agency CFTC, and that he has submitted a legal brief to the court to support that position.
While Selick did not explicitly mention sports betting in the video, the outlet explained that several ongoing legal disputes involve contracts tied to sports events. A clash between prediction markets and state-level sports-betting regulations is emerging as a key issue.
Previously, some state governments—including Nevada, Massachusetts and New York—filed lawsuits alleging prediction-market platforms violated state sports-betting laws. The prospect is rising that a legal battle over jurisdiction between federal and state authorities will intensify.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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