Michael Selig, the head of the Commodity Futures Trading Commission (CFTC), has declared that his agency is ready to oversee the entire $3 trillion crypto market. In a recent statement, Selig emphasized the CFTC’s readiness to take responsibility for crypto regulation, reiterating its role as the sole regulator for prediction markets.
The announcement comes as Congress debates the CLARITY Act, which aims to structure the crypto market but remains stalled due to disagreements over stablecoin yields and other issues. Selig highlighted that regulatory clarity for both crypto and prediction markets is being developed under his leadership.
Under Selig, the CFTC has softened its approach to digital assets compared to previous administrations. In March, the agency signed a memorandum of understanding with the Securities and Exchange Commission (SEC) to coordinate on digital asset regulations. Despite this, the SEC is expected to continue overseeing cryptocurrencies classified as securities.
Meanwhile, state authorities and federal lawmakers are scrutinizing prediction market platforms like Kalshi and Polymarket for alleged violations of gaming laws and insider trading claims. Selig has asserted the CFTC’s exclusive jurisdiction over these markets and warned of legal action against any challenges to its authority. CFTC enforcement director David Miller echoed this stance, stating that event contracts on prediction markets are swaps regulated by the CFTC, not games.