According to Bloomberg, U.S. Commodity Futures Trading Commission (CFTC) Chairman Michael Selig said the agency will set new rules for the prediction market industry while withdrawing a proposal in 2024 to ban sports-related prediction contracts, as well as a warning document on sports contracts issued by staff in 2025. Selig emphasized that the CFTC will support legitimate innovation in this market and reaffirm its exclusive jurisdiction over commodity derivatives. Selig also said that the CFTC will work with the Securities and Exchange Commission (SEC) to develop cryptocurrency rules while aligning with the digital asset legislation work being advanced by Congress. He pointed out that although regulators can introduce rules, formal legislation is still necessary.
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The chairman of the US CFTC said the agency will set new prediction market rules
According to Bloomberg, U.S. Commodity Futures Trading Commission (CFTC) Chairman Michael Selig said the agency will set new rules for the prediction market industry while withdrawing a proposal in 2024 to ban sports-related prediction contracts, as well as a warning document on sports contracts issued by staff in 2025. Selig emphasized that the CFTC will support legitimate innovation in this market and reaffirm its exclusive jurisdiction over commodity derivatives. Selig also said that the CFTC will work with the Securities and Exchange Commission (SEC) to develop cryptocurrency rules while aligning with the digital asset legislation work being advanced by Congress. He pointed out that although regulators can introduce rules, formal legislation is still necessary.