Michael Selig criticizes state intervention in prediction markets
Chairman of the Commodity Futures Trading Commission
“The CFTC will continue to safeguard its exclusive regulatory authority over these markets and defend market participants against overzealous state regulators”
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Can Connecticut regulate sports prediction markets as gambling?
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Source and context
Official statement
About this source
The agency's April announcement identifies Connecticut among three states it sued. Selig's quoted position concerns that earlier dispute; it is not a response to the September orders. His description of federal authority is the agency's position.
Original text
About this source
Federal plaintiffs argue that federal commodities law displaces the challenged Connecticut restrictions on qualifying exchange-traded event contracts. This complaint states their legal position and requests relief; it is not a judicial ruling. It predates the September nine-company announcement.
Before the quotation
The CFTC announces federal lawsuits against three states, including Connecticut, over restrictions on CFTC-registered markets.
After the quotation
Selig argues that a national framework better protects consumers than conflicting state obligations. This April statement predates Connecticut's September nine-company announcement and is included as background to the same jurisdiction dispute.
How this statement is classified
Selig criticizes the state regulators' intervention and argues that inconsistent requirements undermine consumer protection. That is substantive criticism of the challenged restrictions, beyond a disagreement over how to describe the contracts.
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- Connecticut Department of Consumer Protection
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