‘This is nuts’: CFTC chair Selig grilled by lawmakers on prediction markets, Hyperliquid, and staffing
The Block
CFTC Chairman Michael Selig faced legislative scrutiny regarding the regulation of prediction markets, offshore platforms like Hyperliquid, and agency staffing levels.Summary
During a House Agriculture Committee hearing, lawmakers criticized CFTC Chairman Michael Selig over the regulation of controversial prediction markets, specifically questioning their ethical implications. Selig asserted the agency's exclusive jurisdiction while acknowledging ongoing efforts to address these markets through rulemaking. Legislators also expressed concern regarding the oversight of offshore platforms like Hyperliquid and whether the CFTC possesses sufficient staffing and funding to manage its expanding responsibilities in crypto and derivatives oversight.
(Source：The Block)