The chairman of the CFTC is working to limit state enforcement interventions in prediction markets

According to The Information, Michael Selig, the chairman of the Commodity Futures Trading Commission (CFTC), is working to limit state enforcement interventions on prediction markets to prevent state-level regulatory measures from hindering industry development.

Since taking office several months ago, Michael Selig has been trying to create a more lenient federal regulatory environment for prediction markets, allowing more American users to participate in trading on sports events and other outcomes. Over the past year, Selig has consistently advocated for prediction markets—issuing a warning in February about suing state governments attempting to intervene in regulation, releasing compliance guidelines in March and publicly soliciting industry feedback, and stating this month that if prediction markets are pushed offshore, it would lead to a repeat of the FTX-style collapse.