U.S. CFTC Chairman: Will take the jurisdiction dispute over prediction markets to the Supreme Court if necessary

According to CNBC, Michael Selig, the chairman of the Commodity Futures Trading Commission (CFTC), stated in an interview with CNBC that the CFTC has exclusive jurisdiction over event contracts and will advance related lawsuits to the Supreme Court if necessary, while preventing states from suing CFTC-regulated exchanges on the grounds of unlicensed betting operations.

Regarding the proposed cryptocurrency regulatory framework by the CFTC, Michael Selig mentioned that several major cryptocurrency exchanges have registered with the CFTC for offering derivatives such as perpetual contracts, and after the new regulations are implemented, they can increase spot trading on their platforms; some newly entering institutions in the market, unwilling to apply for licenses in all 50 states one by one, have also sought to register with the CFTC.

For exchanges that currently do not offer margin, leverage, or financing trading, the framework adopts a voluntary participation mechanism.