CFTC chief Selig says states could jail prediction-market bosses
CFTC chair Michael Selig accuses states of pursuing criminal charges against prediction-market executives.
The hit
CFTC chair Michael Selig says states are trying to jail prediction-market founders & CEOs over a dispute about whether their products are gambling or derivatives, according to The Block. He made the comments at the Cantor Convergence conference, calling the state lawsuits “really egregious”.
Why it matters
Selig’s remarks signal the CFTC plans to escalate its jurisdiction fight rather than let it play out state by state, reducing the threat of criminal exposure for executives if it succeeds.
The record
| States & cities disputing event contracts | roughly a dozen, according to The Block |
|---|---|
| DOJ & CFTC lawsuit filed | Thursday, against Arkansas attorney general Tim Griffin, to block action on Kalshi |
| Louisiana lawsuit filed | Thursday, targeting companies including Kalshi, Polymarket, Robinhood & Coinbase |
| Selig’s stated goal | take the jurisdiction dispute to the Supreme Court |
What happens next
Watch whether the Supreme Court takes up the jurisdiction dispute Selig wants it to settle.
Sources: CFTC’s Selig accuses states of trying to ‘lock up’ prediction market founders
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