CFTC Chair Selig criticizes states for targeting prediction market founders

Michael Selig says disputes over whether event contracts are gambling or derivatives should not land executives in jail CFTC Chair Michael Selig has a message for state prosecutors: stop threatening to lock up prediction market executives. Selig said states should not jail the people running these platforms over a disagreement about whether their contracts count as gambling or derivatives. That is a definitional fight. In his view, it should not become a criminal one. Selig’s sharpest criticism was aimed at Utah. The state has pursued criminal actions against Kalshi, a leading provider of event contracts, along with its executives. Event contracts let people trade on the outcome of real-world events, such as elections or sports results. To the CFTC, these are derivatives that fall under federal oversight.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Crypto Briefing.