Search results for Michael Selig
Crypto
U.S. CFTC staffing hits 15-year low as crypto and prediction market oversight burden grows
The U.S. Commodity Futures Trading Commission\'s workforce has fallen to its lowest level in 15 years after dropping 24% since President Donald Trump\'s return, even as oversight demands increase for cryptocurrencies, oil futures and rapidly growing prediction markets. Staff numbers fell to 535 as of February after layoffs and departures. Lawmakers and former officials raised concerns about weakened enforcement capacity, while the agency said it is using artificial intelligence and software to fill gaps.
Crypto
Five obstacles to U.S. CLARITY bill, from Trump controversy to stablecoin interest
The U.S. Congress’ cryptocurrency bill known as the CLARITY Act faces at least five hurdles beyond the question of interest on stablecoins, an analysis said. TD Cowen pointed to vacancies at the CFTC, efforts to fold prediction markets into the bill, controversy over a Trump family-linked crypto project, pressure to tighten AML and Bank Secrecy Act provisions, and the possible attachment of a credit card competition bill. Stablecoin interest remains unresolved.
Crypto
U.S. CFTC sues Illinois, Arizona and Connecticut over prediction market jurisdiction
The U.S. Commodity Futures Trading Commission has filed lawsuits against Illinois, Arizona and Connecticut in a dispute over jurisdiction for prediction markets. The agency said Illinois infringed the federal government’s exclusive authority by cracking down on platforms including Kalshi, Crypto.com and Polymarket, including sending orders to halt operations. The CFTC asked a federal court to determine whether the Illinois actions violated the U.S. Constitution’s Supremacy Clause.
