CFTC Chair Michael Selig has intensified a federal–state showdown over prediction markets, directing his agency to intervene in court battles and publicly asserting that the US derivatives watchdog, not state authorities, holds jurisdiction over event contracts. In a video posted Tuesday on X, Selig said the agency has filed an amicus brief to defend what he called its “exclusive jurisdiction” over prediction markets, which he equated with derivatives markets. Selig warned that state entities challenging the CFTC’s authority over event contracts “will see” the agency “in court,” framing state enforcement as an ... (full story)