Prediction Markets weekly digest: Courts Weigh State Crackdown as Trading Hits $6.5B

CFTC chair to state representatives: “The fight is with us,” not prediction market platforms

Commodity Futures Trading Commission (CFTC) chair Mike Selig has argued states should target his regulatory body in the courts instead of prediction market platforms. The two-hour hearing was held by the House of Representatives’ Agriculture committee for members to voice their concerns about federally regulated event contracts, as well as other CFTC business. Selig’s comment comes after he pledged to support prediction market platforms in state…

Prediction Markets weekly digest: Courts Weigh State Crackdown as Trading Hits $6.5B

Two courts, one regulator, one week — the jurisdictional battle over who controls these markets moved to the center. On Wednesday, CFTC Chairman Michael Selig sat before the House Agriculture Committee and explained that the agency has a “zero tolerance policy” toward fraud, manipulation, and insider trading across all prediction markets.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!) The same day, the Ninth…