Svmuu News: Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), posted on the X platform stating that the U.S. Court of Appeals for the Third Circuit ruled today, reaffirming congressional legislative intent and confirming the CFTC's exclusive regulatory authority over trading on Designated Contract Markets (DCMs). The court also dismissed an attempt by New Jersey's gambling regulatory body to challenge this authority.
Mike Selig previously pointed out that U.S. federal law clearly stipulates that derivatives markets are regulated by the U.S. Commodity Futures Trading Commission. Whether it's sports, politics, or oil prices, under the federal regulatory framework, the CFTC has clear jurisdiction to regulate prediction markets and has an obligation to defend the regulations.