According to The Information, CFTC Chair Michael Selig is taking steps to limit states’ enforcement actions against prediction markets to prevent state-level regulations from hindering industry development. Since taking office months ago, Selig has sought to create a more permissive federal regulatory environment for prediction markets, allowing more U.S. users to trade on sports events and other outcomes.
Over the past year, Selig has consistently advocated for the sector. In February, he warned of potential lawsuits against states attempting to interfere with regulation. In March, he released compliance guidance and solicited public industry feedback. This month, Selig stated that pushing prediction markets offshore would risk repeating an FTX-style collapse.
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