The chairman of the US CFTC stated that the agency will develop new rules for prediction markets.

PANews reported on January 30th that, according to Bloomberg, Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that the agency will develop new rules for the prediction market industry, while withdrawing a 2024 proposal to ban sports and politics-related prediction contracts, as well as a 2025 warning document issued by staff regarding sports-related contracts. Selig emphasized that the CFTC will support legitimate innovation in the market and reaffirm its exclusive jurisdiction over commodity derivatives.

Selig also stated that the CFTC will work with the Securities and Exchange Commission (SEC) to develop cryptocurrency rules, while also supporting the digital asset legislation being pushed forward by Congress. He pointed out that while regulators can issue rules, formal legislation is still necessary.