CFTC Chairman Selig: 'Prediction Markets Provide Useful Functions For Society'

Benzinga_recent_news02-17 23:43

In a video statement released on his X account this morning, CFTC Chairman Mike Selig said that American prediction markets have been hit with an “onslaught of state-led litigation” over the past year...

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We will see you in court.”\nDefending the industry directly, he said that [Prediction markets] “provide useful functions for society, allowing everyday Americans to hedge commercial risks like increases in temperature and energy price spikes.”\n“They provide a useful check on our news media and our information ecosystem,” he added. \nThe CFTC backed up the rhetoric with action, filing a friend-of-the-court brief in the Ninth U.S. Circuit Court of Appeals supporting Crypto.com against state regulators. \nThis seeks to defend the CFTC’s exclusive jurisdiction over Prediction Markets\nWriting in the Wall Street Journal on Monday, Selig argued prediction market contracts are federally regulated swaps under the Commodity Exchange Act — not gambling. “These exchanges aren’t the Wild West,” he wrote.\nNearly 50 active state lawsuits are targeting CFTC-registered exchanges including Kalshi, Polymarket, Coinbase (NASDAQ:COIN) and Crypto.com. \nMassachusetts already ordered Kalshi to cease offering sports betting in January. \nPolymarket responded by suing Massachusetts Attorney General Andrea Joy Campbell in federal court last week. \nNevada has issued a temporary restraining order against Kalshi, with challenges active in at least eight states.\nPrediction markets are booming. Kalshi alone saw Super Bowl LX volume surge 2,700% year-over-year, with over $1 billion wagered on the game. \nA state win likely means fragmented licensing and product pullbacks for Coinbase and Robinhood (NASDAQ:HOOD), both of which integrated Kalshi. \nImage: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2612465100","isCrawlerRequest":true}