US CFTC Chairman Mike Selig: CFTC has exclusive jurisdiction over forecasting markets

US CFTC Chairman Mike Selig stated that the CFTC has exclusive jurisdiction over the prediction market as fraud and manipulation are not restricted by state borders. The predictive market exchange is a cross state business that matches buying and selling quotes from customers across the United States. Congress has authorized the CFTC to implement unified standards, monitor and investigate fraud and manipulation, and protect customer funds across states.