Michael Selig

New York sued Kalshi, a prediction markets platform, accusing it of operating an unlicensed gambling service and seeking $100,000 penalties per unauthorized bet, which could total $36 billion. Kalshi, which recently tripled its annualized trading volume to $178 billion, faces state enforcement actions amid a broader legal conflict with the Commodity Futures Trading Commission (CFTC) over federal jurisdiction over prediction markets.

Kalshi expanded its presence on Wall Street by launching 13 new contracts for betting on biotech drug trial outcomes and expanding contracts tracking AI compute costs. The platform also introduced a Bloomberg terminal-like tool and emphasized institutional financial market integration, including efforts to combat insider trading.

A federal board overseeing futures trading blocked Kalshi, a prediction market platform, from canceling existing sports betting contracts in response to a Michigan court order requiring the company to stop offering such contracts to state residents. The Commodity Futures Trading Commission argued that federal law prohibits states from forcing registered entities to violate federal regulations, while Michigan's attorney general claimed the state must protect residents and enforce its sports betting laws.

An SDNY judge ruled that New York’s gambling regulations apply to Kalshi’s sports-event contracts, challenging the companies' argument that their platforms operate as futures contracts rather than gambling. The decision supports claims from 16 states that prediction markets like Kalshi and Polymarket threaten state revenue from casinos and gaming, while the companies and CFTC chair Michael Selig argue these markets help corporations hedge business risks.

CFTC Chair Michael Selig warned that regulators may be forced to create cryptocurrency rules if Congress does not pass the Clarity Act. The statement highlights potential regulatory action in the absence of legislative clarity on crypto.

CFTC Chair Michael Selig criticized Illinois lawmakers for enacting a 0.2% tax on cryptocurrency transactions. He stated they 'decided they know better' regarding crypto tax policies.

CFTC chair Michael Selig stated that the agency’s regulatory approach to crypto perpetual futures may not be a 'natural fit for traditional commodity markets, like agriculture.'

The Commodity Futures Trading Commission (CFTC) faces a lawsuit from the Chicago Mercantile Exchange (CME) over approving Kalshi's request to list perpetual futures contracts. The CME argues the CFTC's expedited approval without public input violates the Commodity Exchange Act and allows unregulated trading of perpetual contracts, which are typically classified as swaps under the Dodd-Frank Act.

CME Group has filed a lawsuit against the Commodity Futures Trading Commission (CFTC) and its Chair Michael Selig, arguing that the CFTC's classification of cryptocurrency 'futures' as 'swaps' creates risks for derivatives markets.

CME Group plans to sue the Commodity Futures Trading Commission (CFTC) over its approval of Bitcoin perpetual futures, arguing the products should be classified as swaps under the Dodd-Frank Act. The CFTC approved Kalshi and Coinbase to offer these contracts, asserting they bring crypto derivatives under U.S. regulation. CME claims the CFTC bypassed standard review procedures and that perpetual futures require different regulatory treatment.

CFTC chair Michael Selig defends the approval of 'perps' in the U.S., stating that developing the new asset class domestically is preferable to offshore alternatives despite resistance from incumbents.

The Trump administration proposed new regulations for online prediction markets that would ban bets on war and terrorism but allow many sports bets. Critics argue the rules are insufficient to address jurisdictional conflicts between states and federal regulators. Minnesota was the first state to outlaw prediction markets.

Kalshi launched America’s first regulated Bitcoin perpetual futures, approved by the CFTC on May 29, 2026. The product features no expiration date and marks Kalshi’s expansion from prediction markets to derivatives. Offshore perpetual futures volume reached $92.9 trillion in 2025, prompting U.S. regulatory action to retain capital.

CFTC chair Michael Selig claimed the agency's enforcement action against Gemini crypto exchange was part of a broader campaign against the crypto industry under President Biden. The commodities regulator alleges the action was politically motivated.

The U.S. Commodity Futures Trading Commission (CFTC) approved the first Bitcoin perpetual futures contract on a U.S. exchange (KalshiEX’s BTCPERP) and granted Coinbase access to global crypto derivatives markets. This marks a significant regulatory shift, enabling U.S. traders to participate in previously offshore-dominated perpetual futures and options markets through a CFTC-regulated framework.

President Donald Trump has publicly endorsed CFTC Chair Michael Selig's initiative to expand regulatory authority over prediction markets. The CFTC, responsible for overseeing derivatives markets, seeks to address potential risks and opportunities in this emerging sector.

Vail Resorts' CEO Rob Katz avoids hedging weather risks in prediction markets due to the complexity of weather patterns, despite a 15% drop in skier visits and 12% declines in ski-school and dining revenue this winter. The company's reluctance contrasts with CFTC Chairman Michael Selig's advocacy for betting platforms like Kalshi and Polymarket. Meanwhile, Vail faces challenges including declining season passes, a labor strike at Park City, and criticism from Cloudflare CEO Matthew Prince.

The Trump administration sued Minnesota to block a state law that prohibits prediction markets, which was signed by Governor Tim Walz on Monday. The US Commodity Futures Trading Commission claims the law undermines federal regulatory regime. The lawsuit aims to protect lawful operators and participants in prediction markets.

House Agriculture leaders are pressing President Trump to appoint new commissioners to the CFTC. The agency has been operating with only one commissioner, Chair Michael Selig, since December. Four seats have been empty due to lack of nominations from Trump.

The US Commodity Futures Trading Commission is using AI to catch insider trading in prediction markets, particularly on offshore platforms like Polymarket. The agency is increasing staffing and leveraging automation to analyze trading patterns and flag potential manipulation. This effort aims to curb fraudulent activities and bring offenders to justice.

The US Commodity Futures Trading Commission is currently understaffed with only one member, Chair Michael Selig. House committee leaders are urging Donald Trump to nominate members to fully staff the five-member panel. The nomination is being pushed due to the CLARITY Act.

The US is using AI to detect insider trading on Polymarket, with CFTC chairman Michael Selig discussing the agency's efforts to scour prediction markets for illegal activity. The agency is focusing on Polymarket and other platforms to identify and prevent illicit trades. This initiative aims to promote market integrity and fairness.

Polymarket is seeking approval to return to the U.S. market, but the decision hinges on CFTC Chair Michael Selig due to four vacant commissioner seats. The regulatory uncertainty highlights the agency's current leadership imbalance.