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.
Better Markets policy director and COO Amanda Fischer has criticized the Commodity Futures Trading Commission's (CFTC) rulemaking efforts aimed at regulating prediction markets. Fischer maintains that the CFTC's rulemaking is merely a "feeble attempt" to bolster their legal position in court following legal setbacks for prediction markets.
She stated that the rulemaking process is merely an attempt to confuse judges about the law's interpretation for the past 15 years. The CFTC, under Chair Michael Selig, initiated the rulemaking process in March, stating it would have "exclusive jurisdiction" over prediction markets. In June, the regulator proposed amendments to Regulation 40.11, which includes a new framework to determine whether contracts involve activities listed under the Commodity Exchange Act, such as gaming.
Fischer emphasized that the agency is reinterpreting a regulatory framework that has been widely understood for the past 14 years to cover sports betting and other forms of gaming. She argued that the CFTC's actions could give opponents another avenue to challenge the regulator in court.
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