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Event contracts listed on CFTC-registered exchanges are derivatives subject to the CFTC’s exclusive regulatory authority. Whether the contract’s underlying event is sports, politics, corn, or grain, it trades on a federally-regulated exchange with an order book, clearing house, and investor protections. Watch more from House Committee on Agriculture yesterday ⬇️

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Mike Selig

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12,147 Aufrufe • vor 3 Monaten •via X (Twitter)

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Federal law makes it clear that the CFTC regulates derivatives. Whether it's sports, politics, or oil prices, the CFTC has clear jurisdiction under the federal regulatory framework to oversee prediction markets, and we have an obligation to defend our statute. Watch more on Squawk Box ⬇️
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Federal law makes it clear that the CFTC regulates derivatives. Whether it's sports, politics, or oil prices, the CFTC has clear jurisdiction under the federal regulatory framework to oversee prediction markets, and we have an obligation to defend our statute. Watch more on Squawk Box ⬇️

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Gary Gensler said the law was clear–“virtually every crypto asset is a security”–and drove the crypto industry offshore. Now, he says the law is clear–“event contracts are not derivatives”–and seeks to push the prediction markets offshore. He has a poor track record reading the law. Event contracts, whether on sports, politics, or any commodity, are within the CFTC’s remit. We’ll regulate these markets accordingly. 📺 More this morning on Squawk Box 👇
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Gary Gensler said the law was clear–“virtually every crypto asset is a security”–and drove the crypto industry offshore. Now, he says the law is clear–“event contracts are not derivatives”–and seeks to push the prediction markets offshore. He has a poor track record reading the law. Event contracts, whether on sports, politics, or any commodity, are within the CFTC’s remit. We’ll regulate these markets accordingly. 📺 More this morning on Squawk Box 👇

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The CFTC is a rules-based regulatory agency that prioritizes consumer protections and market integrity. Unlike casinos, our markets operate under clear rules that allow participants to manage risk, discover prices on a transparent order book, and exit positions when they choose. Watch more as I explain why prediction markets are fundamentally different than sports books:

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The CFTC takes seriously its responsibility to reject prediction market contracts that are readily susceptible to manipulation and we’re working with the professional sports leagues to ensure we get this right. When a league raises manipulation concerns about a contract proposed to be listed on a prediction market, the agency considers the league’s concerns and may prohibit the contract from being listed. Watch more on ESPN with David Payne Purdum ⬇️
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The CFTC takes seriously its responsibility to reject prediction market contracts that are readily susceptible to manipulation and we’re working with the professional sports leagues to ensure we get this right. When a league raises manipulation concerns about a contract proposed to be listed on a prediction market, the agency considers the league’s concerns and may prohibit the contract from being listed. Watch more on ESPN with David Payne Purdum ⬇️

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Ever guessed the outcome of an event and got it right? You can do that and more on GoWagr! From sports to crypto, politics, music, and more, trade your opinion about an event by picking Yes or No. If you’re right you get returns on your invested cash. Download the GoWagr app now to get started!
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Sports books take 10% of every bet and ban winners. Novig founder and CEO Jacob Fortinsky joins our Stateful podcast, hosted by Mason Strom. In this episode, they discuss why prediction markets may replace the casino model in sports: - Sports books kick out profitable users. - 5% better odds on average vs. traditional platforms - CFTC shift: sports event contracts regulated as financial products nationwide - Be your own house: set your own odds, collect the spread - $2T global sports market with zero dominant exchange 00:17 The $75M Bet on Sports Prediction Markets 01:08 From StubHub Algorithms to Prediction Markets 02:21 Replacing the House: Peer-to-Peer Sports Betting 03:59 Do Sportsbooks Survive? 06:14 Be Your Own House: The Market Maker Model 08:35 How Novig Makes Money Without a Vig 10:23 Why Now? The Regulatory Shift Changing Everything 11:51 The Modern Sports Bettor: More Trader Than Fan 14:58 Prediction Market Regulation: Lawsuits, CFTC & Congress 17:45 Novig vs. DraftKings, Polymarket & Robinhood 20:18 Where Prediction Markets Go From Here 22:48 Quickfire: Favorite Sport to Bet On 24:37 Founder Advice: Stay Alive & Don't Chase Trends 26:22 Hiring for Culture Over Raw Talent
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Sports books take 10% of every bet and ban winners. Novig founder and CEO Jacob Fortinsky joins our Stateful podcast, hosted by Mason Strom. In this episode, they discuss why prediction markets may replace the casino model in sports: - Sports books kick out profitable users. - 5% better odds on average vs. traditional platforms - CFTC shift: sports event contracts regulated as financial products nationwide - Be your own house: set your own odds, collect the spread - $2T global sports market with zero dominant exchange 00:17 The $75M Bet on Sports Prediction Markets 01:08 From StubHub Algorithms to Prediction Markets 02:21 Replacing the House: Peer-to-Peer Sports Betting 03:59 Do Sportsbooks Survive? 06:14 Be Your Own House: The Market Maker Model 08:35 How Novig Makes Money Without a Vig 10:23 Why Now? The Regulatory Shift Changing Everything 11:51 The Modern Sports Bettor: More Trader Than Fan 14:58 Prediction Market Regulation: Lawsuits, CFTC & Congress 17:45 Novig vs. DraftKings, Polymarket & Robinhood 20:18 Where Prediction Markets Go From Here 22:48 Quickfire: Favorite Sport to Bet On 24:37 Founder Advice: Stay Alive & Don't Chase Trends 26:22 Hiring for Culture Over Raw Talent

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Under my leadership, the CFTC is onshoring crypto perpetual contracts under gold standard regulations. The Biden administration drove perps offshore to jurisdictions that had ZERO investor protections, leading to disasters like the FTX implosion. Instead, we believe that popular financial instruments like perps should be available to Americans under American laws and regulations. Watch more on Mornings with Maria:
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Under my leadership, the CFTC is onshoring crypto perpetual contracts under gold standard regulations. The Biden administration drove perps offshore to jurisdictions that had ZERO investor protections, leading to disasters like the FTX implosion. Instead, we believe that popular financial instruments like perps should be available to Americans under American laws and regulations. Watch more on Mornings with Maria:

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CFTC Chair Michael Selig says he’s not an expert on betting lines and can’t distinguish between ones on sportsbooks and prediction markets. Rep. Vasquez: “That’s exactly the problem, because consumers can’t either though the purpose of the activity is exactly the same.” “I understand the CFTC’s role has been overseeing derivatives markets. Traditionally that has been helping businesses hedge real economic risk. Airlines hedge fuel costs. Farmers hedge crop prices. That is very different than putting money on the outcome of a baseball game. On a prediction market consumers can trade on whether Astros second baseman Jose Altuve hits a home run in tonight’s game against the Rockies. Does a contract on a single player’s performance on a single statistic hedge any real economic risk?” Selig: “Congressman, there are many risks that could be hedged through various contracts on our markets. The bottom line is that these markets need to be well functioning and comprehensively regulated by the CFTC. Our statute mandates it and we’ll continue to do it.”
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CFTC Chair Michael Selig says he’s not an expert on betting lines and can’t distinguish between ones on sportsbooks and prediction markets. Rep. Vasquez: “That’s exactly the problem, because consumers can’t either though the purpose of the activity is exactly the same.” “I understand the CFTC’s role has been overseeing derivatives markets. Traditionally that has been helping businesses hedge real economic risk. Airlines hedge fuel costs. Farmers hedge crop prices. That is very different than putting money on the outcome of a baseball game. On a prediction market consumers can trade on whether Astros second baseman Jose Altuve hits a home run in tonight’s game against the Rockies. Does a contract on a single player’s performance on a single statistic hedge any real economic risk?” Selig: “Congressman, there are many risks that could be hedged through various contracts on our markets. The bottom line is that these markets need to be well functioning and comprehensively regulated by the CFTC. Our statute mandates it and we’ll continue to do it.”

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The House must function. If they give us the opportunity to raise our concerns on the floor of the House, the House will function. It is really incumbent on the government to create an atmosphere for the House to function. They have the majority. The Speaker is from their ranks. The onus is on them to create an atmosphere for the House to function. This is a serious issue that we definitely want to raise on the floor of Parliament. The people are watching this, and they are also noticing that the electoral process is not fair anymore. : Karti P Chidambaram ji
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