SEC Chair Atkins Says CFTC Has Capacity to Oversee Prediction Markets
Summary
- Paul Atkins, chair of the U.S. Securities and Exchange Commission, brushed aside concerns over the CFTC's ability to oversee prediction markets.
- He said Mike Selig of the CFTC is working to understand a range of innovative financial products traded around the world.
- As prediction markets grow quickly, the scope of the CFTC's oversight and whether its authority should be expanded could emerge as a key policy issue.
Forecast Trend Report by Period
Paul Atkins, chair of the U.S. Securities and Exchange Commission, brushed aside concerns about whether the Commodity Futures Trading Commission has the resources to oversee prediction markets.
In an interview with CNBC, Atkins said CFTC Commissioner Mike Selig is "a very capable person," The Block reported on June 16. The comment came in response to a question about whether the agency has sufficient funding and capacity to supervise prediction markets.
Atkins added that Selig is doing an excellent job at the CFTC and working to understand the range of innovative financial products traded around the world.
In the US, debate over the regulatory framework for prediction markets has continued as platforms such as Kalshi rapidly expand markets tied to political, economic and sports events.
The CFTC is much smaller than the SEC. The CFTC has about 550 employees, compared with more than 4,000 at the SEC. Their fiscal 2027 budget requests also differ sharply, with the CFTC seeking $410 million and the SEC requesting $1.908 billion.
As prediction markets grow quickly, the scope of the CFTC's oversight and whether its authority should be expanded could emerge as key policy issues.
JH Kim
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