The Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Michael Selig, announced that the agency is advancing the rulemaking process for prediction markets, aiming to establish clear self-certification and product evaluation standards. Previously, the CFTC clashed with states over jurisdiction issues, with the CFTC insisting on its exclusive jurisdiction over event contracts under the Commodity Exchange Act. The CFTC plans to issue guidance as soon as possible and will release a notice of proposed rulemaking in advance.
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The Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Michael Selig, announced that the agency is advancing the rulemaking process for prediction markets, aiming to establish clear self-certification and product evaluation standards. Previously, the CFTC clashed with states over jurisdiction issues, with the CFTC insisting on its exclusive jurisdiction over event contracts under the Commodity Exchange Act. The CFTC plans to issue guidance as soon as possible and will release a notice of proposed rulemaking in advance.