Adam Schiff Accuses CFTC Chair Mike Selig Of 'Duplicitous' Behavior Over Sports Prediction Markets

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Sen. Adam Schiff accused CFTC Chair Mike Selig of duplicity for publicly endorsing court resolution of sports-related prediction markets but then leading the CFTC to embrace those markets. Schiff argued prediction markets closely resemble sports betting, bypass state consumer protections, and undermine state sovereignty and revenue choices. The CFTC defended its exclusive jurisdiction, has sued several states and won a preliminary injunction in Arizona against state regulation of CFTC-regulated prediction markets. Lawmakers from both parties are advancing legislation to prohibit CFTC-regulated platforms from offering sports-related contracts, escalating the regulatory fight.

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