CFTC Chair Races to Stop States From Killing Prediction Markets
Michael Selig, a wonkish libertarian, hopes to secure a prominent new role for his agency by stopping other regulators from going after the startups.
When Michael Selig took up his new position as head of the Commodity Futures Trading Commission a few months ago, he quickly embarked on an effort that seems fitting for a Trump administration official who would like to make it possible for every American living room to become a wagering parlor.
Selig is a sports fan, and he filled the space with sports memorabilia, honoring his early childhood in the Philadelphia area. He interspersed his law books with Eagles gear—and on another shelf, he placed a particularly beloved memento. “A Charles Barkley from the 76ers,” said Selig, pointing to a glass-encased signed basketball, which sits just left of a red Make America Great Again hat.
As the agency’s new chair, Selig intends to turn the CFTC, a long-time Washington backwater, into one of the more important entities in town by crafting the rules governing prediction market startups. Those companies have seen a surge of people eager to wager on the outcome of real-world happenings. Betting on sports is very popular, as is wagering on everything from elections to the Oscars to global events, like the outcome of the war in Iran. Selig is hugely supportive of prediction markets and wants to draft regulations that help them flourish.