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There are fundamental differences between prediction markets and casinos that make the former subject to the CFTC's regulatory remit and not that of the states. Watch me break things down on the Glenn Beck program 👇

Mike Selig

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Ex-CFTC chairman Chris Giancarlo's argument on why prediction markets fall under federal rather than state jurisdiction "This Sunday I'm putting out a podcast I recorded with ex CFTC chairman Chris Giancarlo, and he made a very clear point, that this is CFTC jurisdiction and not the states at all, that it's going to go to the Supreme Court and the CFTC is going to win" "His argument was that for the states to be the regulator, there had to be a middleman. A prediction market contract, whether on sports or anything else, is a binary bet between you and me over the outcome" "States get to regulate things like casinos, where there's a house in between keeping a vig. But these contracts do not count"

Ex-CFTC chairman Chris Giancarlo's argument on why prediction markets fall under federal rather than state jurisdiction "This Sunday I'm putting out a podcast I recorded with ex CFTC chairman Chris Giancarlo, and he made a very clear point, that this is CFTC jurisdiction and not the states at all, that it's going to go to the Supreme Court and the CFTC is going to win" "His argument was that for the states to be the regulator, there had to be a middleman. A prediction market contract, whether on sports or anything else, is a binary bet between you and me over the outcome" "States get to regulate things like casinos, where there's a house in between keeping a vig. But these contracts do not count"

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