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CFTC Chair Selig Vows Supreme Court Battle Over State Prediction Markets
CFTC Chair Michael Selig has vowed to take the agency's fight against state challenges to its exclusive authority over derivatives markets to the Supreme Court. The agency has launched legal actions against at least 10 states, including Arizona, Connecticut, Illinois, and Utah, over prediction markets and event contracts. Selig argues that the Commodity Exchange Act grants the CFTC exclusive jurisdiction over swaps and futures traded on designated contract markets, which should override conflicting state rules.