During the recent Super Bowl, the big prediction market platforms didn’t just offer bets on the game itself, but also on more exotic facets, such as the first song that Bad Bunny would sing. And while a lot of people thinks this looks like gambling, it’s actually regulated by the CFTC. On this episode, we speak with new CFTC Chairman Michael Selig, who was nominated by President Trump and took his position in December. We talk to him about his philosophy, and why it is that these new bets are regulated as financial instruments, rather than gambling products. We talk about the tension that emerges, when 18-year-olds can place bets on sports via prediction markets, even though many states have laws on sports gambling, either banning it outright, or requiring participants to be at least 21. We also talk about crypto regulation, and whether perpetual futures could soon be coming to traditional markets. (Source: Bloomberg)
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New CFTC Chairman Michael Selig on How to Regulate Prediction Markets
