Adam Schiff Accuses CFTC Chair Mike Selig Of 'Duplicitous' Behavior Over Sports Prediction Markets
Sen. Adam Schiff (D-Calif.) on Tuesday accused CFTC Chair Mike Selig of contradictory statements on the contentious issue of sports betting in prediction markets.
Schiff Says Prediction Markets Violate State Sovereignty
In his Brookings interview with Aaron Klein, Schiff described prediction markets as “pretty indistinguishable” from gaming and sports betting.
Schiff argued that these platforms bypass state-level consumer protections and generate no public revenue.
“It really seems to violate state sovereignty and a state’s ability to decide whether extensive gaming is in the public interest or not,” Schiff noted, pointing in particular to his home state of California, where sports betting remains prohibited.
Selig’s ‘Duplicitous’ Behavior?
Schiff described the CFTC as “completely unequipped” to regulate prediction markets, while accusing its Chair, Selig, of duplicity.
The lawmaker recalled asking Selig during one of the congressional hearings whether he would allow the courts to settle the issue of sporting events on prediction markets, and Selig said he would.
“Well, he’s done the exact opposite. which I find very duplicitous. He’s leading the CFTC down this path to fully embrace prediction markets,” Schiff said.
The CFTC didn’t immediately return Benzinga’s request for comment.
The Fight Intensifies
The CFTC has firmly defended the agency’s “exclusive jurisdiction” over prediction markets such as Polymarket and Kalshi.
“The CFTC will not allow overzealous state governments to undermine the agency's longstanding authority over these markets,” Selig said in a press release.
The CFTC has previously filed lawsuits against Arizona, Connecticut, Illinois, New York, and Wisconsin, and secured a preliminary injunction against state regulation of CFTC-regulated prediction markets in Arizona.
The fight has escalated as Schiff and Sen. John Curtis (R-Utah) pushed legislation to ban CFTC-regulated platforms from offering sports-related contracts.
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