CME CEO Terrence Duffy trades barbs with CFTC’s Selig and Kalshi’s COO over prediction market oversight
A CFTC ommittee meeting exposed a sharp divide between the worlds of traditional finance and prediction market platforms.
A Commodity Futures Trading Commission committee meeting saw a heated exchange between CME CEO Terrence Duffy and CFTC Chair Michael Selig over the regulation of prediction markets. Duffy expressed concern over the potential for manipulation in certain markets, including those tied to political events like President Donald Trump's State of the Union address and the ouster of Venezuelan President Nicolás Maduro.
Selig, however, disputed the listing of these markets in the U.S., claiming they were offshore operations. The CFTC Chair emphasized the agency's exclusive jurisdiction over prediction markets, despite the industry's growth and efforts by CME to launch over 100 million event contracts since their introduction last year. Lawmakers have also raised concerns about insider trading in prediction markets, with bills introduced to restrict contracts tied to sports or casino-style games on registered platforms.
The tensions extend to Washington, where Kalshi and Polymarket have implemented measures to curb manipulation, but the debate over regulation continues.
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