CFTC chairman sets out to limit state enforcement interference in forecasting markets

Michael Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), is moving to limit state enforcement interference in forecasting markets to prevent state regulations from hindering industry development. Since taking office months ago, Michael Selig has tried to create a looser federal regulatory environment for predicting the market, allowing more U.S. users to participate in trading on the results of sporting events and other events. Selig has continued to serve as a platform for forecasting the market over the past year-in February, it issued a warning that it would sue state governments that tried to intervene in regulation, in March, it issued compliance guidance and publicly solicited industry opinions, and this month it said that if the forecasting market was pushed offshore, it would repeat the FTX-style collapse.