PANews October 16 news: U.S. CFTC Chairman Mike Selig posted on X that the CFTC has exclusive jurisdiction over prediction markets, on the grounds that fraud and manipulation are not constrained by state borders. Selig stated that prediction market exchanges are interstate businesses that match buy and sell quotes from customers across the United States. Congress has authorized the CFTC to enforce uniform standards, monitor and prosecute fraud and manipulation, and protect customer funds across state lines.
U.S. CFTC Chairman Mike Selig once again reiterated that the CFTC has exclusive jurisdiction over prediction markets.
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