Michael S. Selig
Role at the time: Chairman of the Commodity Futures Trading Commission, in a CFTC press release
Statement summary
CFTC Chairman Michael Selig says event contracts serve hedging and investment purposes and give the public information about the outcome of future events, that Congress made the CFTC the sole regulator of these markets, and that the commission will defend its exclusive jurisdiction.
“Event contracts do not just serve hedging and investment purposes—they also provide the public with information about the outcome of future events. Congress entrusted the CFTC to be the federal regulator with sole responsibility to oversee these markets. As I’ve said before, the CFTC has the expertise and responsibility to defend its exclusive jurisdiction over commodity derivatives, and that’s exactly what we’ll do.”
CFTC press release announcing the federal lawsuit against Utah, with a statement from CFTC Chairman Michael S. Selig. It says the suit follows Utah's civil enforcement actions in state court against CFTC-regulated markets and that the commission has started proceedings against nine other states.
Archived copy (opens in a new tab)Why we used this label
Relative to Kalshi's offering of event contracts, Selig defends their public information, hedging and investment functions. His jurisdiction argument supplies the legal basis for federal oversight.