CFTC Chair Selig Advocates for Exclusive Federal Jurisdiction over U.S. Prediction Markets
CFTC Chair Selig Advocates for Exclusive Federal Jurisdiction over U.S. Prediction Markets
CFTC Chair Michael Selig has filed an amicus brief asserting the federal government's exclusive authority over U.S. prediction markets. This move underscores a push for federal supremacy in regulating these emerging financial instruments, which often intersect with cryptocurrency and blockchain technologies.
Federal Authority Sought for Prediction Markets
In a significant legal filing, CFTC Chair Michael Selig has submitted a 'friend of the court' brief, making a strong case for federal preeminence in the regulation of U.S. prediction markets. The brief declares federal supremacy, aiming to establish clear jurisdictional lines over these platforms. This development is crucial for understanding the evolving regulatory landscape surrounding financial innovation, especially as prediction markets increasingly utilize blockchain infrastructure and involve various digital assets, though no specific cryptocurrencies were named in this particular filing.