CFTC escalates prediction-market battle as states bring criminal charges

Commodity Futures Trading Commission (CFTC) Chair Michael Selig says the fight over prediction markets now puts company executives at risk of jail. In a November 13 CNBC interview at Cantor Convergence, he called the criminal charges brought by states “ really egregious .” Selig argues that the platforms provide legitimate products in accordance with federal regulations. In contrast, states suggest that sports-event contracts are the same as gambling contracts. The debate hinges on the conflict between federal law on derivatives and the law on gambling as imposed by states. From a jurisdiction fight to a fight over jail Selig said the legal dispute should not expose executives to jail: “That’s not something that should be at the risk of going to jail.” In October, Utah filed felony charges against Kalshi…

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