CFTC Chair Michael Selig Says Blockchain-Based Markets Are Unstoppable, Outlines Prediction Market Rules

CFTC Chair Michael Selig said large banks should recognize that blockchain-based markets cannot be stopped, while discussing upcoming regulatory approaches to prediction markets, perpetual futures trading, and the CLARITY Act. According to Foresight News, Forbes reported that Selig made the remarks during a program in which he detailed how the agency plans to draw distinctions within prediction markets. Selig said the CFTC would allow compliant trading tied to outcomes such as sports events, while explicitly prohibiting casino-style games and markets involving events such as war or assassination. He said regulators aim to establish a clear rules framework to support innovation in crypto markets, curb the outflow of trading activity to offshore venues, and further strengthen the United States’ leading position in digital asset regulation.