CME CEO and CFTC Chair Clash Over Prediction Market Regulation

During a CFTC Innovation Advisory Committee meeting, CME CEO Terrence Duffy warned that prediction market contracts are prone to manipulation and pose risks to the industry. CFTC Chair Michael Selig countered that the contracts in question were offshore. The debate highlighted ongoing tensions regarding jurisdiction over prediction markets, as the CFTC asserts authority while some members of Congress propose legislation to ban sports and gambling-related prediction