The chairman of the US CFTC said the agency will set new prediction market rules

PANews reported on January 30 that according to Bloomberg, U.S. Commodity Futures Trading Commission (CFTC) Chairman Michael Selig said that the agency will formulate new rules for the prediction market industry, while withdrawing a proposal to ban sports and politics-related prediction contracts in 2024, as well as a warning document on sports contracts issued by staff in 2025. Selig emphasized that the CFTC will support legitimate innovation in this market and reaffirm its exclusive jurisdiction over commodity derivatives. Selig also said that the CFTC will work with the Securities and Exchange Commission (SEC) to develop cryptocurrency rules while cooperating with the digital asset legislation that Congress is advancing. He pointed out that although regulators can introduce rules, formal legislation is still necessary.