CFTC Chairman Supports Legal Innovation in Prediction Markets

Mike Selig, the new Chairman of the U.S. Commodity Futures Trading Commission (CFTC), has expressed support for legal innovation within prediction markets, highlighting the necessity for clear regulatory guidelines. According to NS3.AI, the CFTC has retracted a previous rule proposal that aimed to prohibit political event contracts in prediction markets. The commission is now advancing with a new rulemaking process that is anticipated to be more favorable towards these markets. This shift indicates potential regulatory clarity and growth opportunities for prediction markets.