CFTC chief Selig says states want to jail prediction market CEOs
The DOJ & CFTC sued Arkansas’s attorney general; Louisiana sued Kalshi, Polymarket & others.
The hit
CFTC chair Michael Selig says states are trying to jail prediction market founders & CEOs over products he insists are legal under federal rules. Speaking at the Cantor Convergence conference, according to The Block, Selig called the state lawsuits against platforms like Kalshi & Polymarket ‘really egregious’.
Why it matters
If states keep pursuing criminal charges, executives face personal legal risk even while the underlying gambling-versus-derivative question stays unresolved. Selig wants disputes hashed out in court & wants the Supreme Court to settle the matter, in a bid to solidify the CFTC’s authority.
The record
| Selig’s quote on state cases | ‘Trying to lock up founders and CEOs of these companies’ (Cantor Convergence conference) |
|---|---|
| States & cities in dispute with CFTC | Roughly a dozen, over event contracts (The Block) |
| DOJ & CFTC lawsuit | Filed Thursday against Arkansas attorney general Tim Griffin to block his Kalshi action |
| Louisiana lawsuit | Filed Thursday against companies including Kalshi, Polymarket, Robinhood & Coinbase |
What happens next
Watch how the DOJ’s suit against Arkansas & Louisiana’s suit proceed.
Sources: CFTC’s Selig accuses states of trying to ‘lock up’ prediction market founders
Named in this story? Reply to newsdesk@infobets.com & we publish it.
18+. Betting involves risk. If gambling is a problem for you or someone close to you, help is available.
Work with BH Group. Paid ads that get iGaming & crypto brands players & users, in the GEOs you choose. Get a plan
Discussion
Ask a question, add useful context or share a source. Keep it relevant & respectful.
Add a comment
Comments are reviewed before publication.